Financial News: UK Retail Sales Log Moderate Growth In May:

UK Retail Sales Log Moderate Growth In May: BRC

06/04/2024 - 02:13:00 (RTTNews)

(RTTNews) - UK retail sales posted a moderate growth in May despite a strong bank holiday weekend, data released by the British Retail Consortium revealed Tuesday.

Total retail sales grew 0.7 percent on a yearly basis compared to the 3.9 percent increase seen in the same period last year.

Food sales gained 3.6 percent in three months to May, while non-food sales dropped 2.4 percent.

"Despite a strong bank holiday weekend for retailers, minimal improvement to weather across most of May meant only a modest rebound in retail sales last month," BRC chief executive Helen Dickinson said.

Dickinson observed that retailers remained optimistic that major events such as the Euros and the Olympics will bolster consumer confidence this summer.

KPMG UK Head of Consumer, Retail & Leisure Linda Ellett said "Whilst sales growth was minimal, it could point to some signs of recovery for the sector, and retailers will be eager for that trend to continue as they carefully maintain their pricing, stock and cost base."

Although the economy is improving, the health of the retail sector remains fragile as major investment held back by many until there are clear signs that consumer confidence has turned into spending, added Ellett.

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