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But he said: "We're on an improving trend.
This fits with an improving trend across the world.
Underlying revenues would show an improving trend in 2013 and 2014.
"And the improving trend in jobless claims is supportive for future spending".
But Canaccord Genuity was more positive: Mitchells & Butlers reported prelims a fraction below our expectations but there's a fragile but improving trend developing.
The holiday operator Thomas Cook said on Thursday it had seen an improving trend for summer holidays since it reported first quarter results, with overall bookings up 2%.
Clothing sales have been in decline for more than three years, but recent figures have pointed to an improving trend at the high-street chain.
"You need to have an improving trend in industrial production globally, and I think that's still some way off," Mr. Smith said.
"Global financial markets will then return to focusing on key fundamentals, such as the improving trend of US economic data, than to what is happening in Ukraine".
The situation is now reversing and household purchasing power is on an improving trend," said Alan Clarke, economist at Scotiabank in London.
Product sales have been on an improving trend over the quarter, reflecting the more favourable weather conditions, which have lifted apparel sales across the market.
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CEO of Professional Science Editing for Scientists @ prosciediting.com