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Financial News: UK Retail Sales Fall More Than Forecast

UK Retail Sales Fall More Than Forecast

05/24/2024 - 02:42:00 (RTTNews)

(RTTNews) - UK retail sales declined more than expected in April as poor weather reduced footfall, data from the Office for National Statistics showed on Friday.

The retail sales volume dropped 2.3 percent on a monthly basis, following a revised 0.2 percent drop in March. Economists had forecast a 0.5 percent drop for April.

The ONS said sales decreased across most sectors, with clothing retailers, sports equipment, games and toys stores, and furniture stores doing badly as poor weather reduced footfall.

In three months to April, retail sales volume rose 0.7 percent from the previous three months and fell 0.8 percent from the same period last year.

In April, non-food store sales decreased 4.1 percent, which was the joint largest fall since January 2021.

At the same time, food stores sales volumes fell for the third consecutive month, mainly because of supermarkets. Food sales were down 0.8 percent.

Automotive fuel sales volumes showed their largest monthly fall since October 2021, which was down 4.9 percent.

Excluding auto fuel, retail sales volume posted a monthly fall of 2.0 percent after a 0.6 percent decrease in March, data showed.

On a yearly basis, retail sales decreased 2.7 percent, in contrast to the 0.4 percent increase in March. Sales were forecast to drop only 0.2 percent.

Excluding auto fuel, retail sales slid 3.0 percent, bigger than economists' forecast of 1.1 percent fall.

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