Despite unfavourable results for the fourth month in a row, retailers remain upbeat about expectations for December.

Bloomberg Retail Purchasing Managers' Index (PMI), the monthly retail barometer, revealed that sales were down for the fourth month in November. PMI questioned more than 1,000 retailers in France, Germany and Italy for the survey. Together these countries account for roughly 75% of total EU retail sales. Many retailers have had to reduce staff to cut costs.

Of the three countries surveyed, Germany outperformed the rest with a moderate sales rise in November. Margins suffered across the board in November, resulting from an increase in prices for resale goods and promotional and discounting expenses.