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Financial News: UK Retail Sales Log Robust Growth In July:

UK Retail Sales Log Robust Growth In July: BRC

08/11/2020 - 01:14:00 (RTTNews)

(RTTNews) - UK like-for-like retail sales increased strongly in July as lockdown measures were eased and demand gradually began to return in some places, monthly data from the British Retail Consortium showed Tuesday.

Like-for-like sales increased 4.3 percent on a yearly basis in July compared to an annual growth of 0.3 percent in the same period last year.

On a total basis, retail sales grew 3.2 percent in July versus an increase of 0.5 percent in July 2019.

It was above the 3-month average growth of 0.4 percent and the 12 month average decline of 1.9 percent. This was the second consecutive month of growth since the start of the pandemic.

Over the three months to July, food sales increased 8.2 percent on a like-for-like basis and 6.1 percent on a total basis. This was the highest since June 2009.

At the same time, non-food retail sales advanced 7.9 percent on a like-for-like basis and declined 4.3 percent on a total basis.

Paul Martin, UK Head of Retail, KPMG said the release of pent up demand continued in July.

September will be the real test for retailers this quarter, traditionally being a month of high volumes driven by the return to school after the holiday season, he said. That said, with the furlough scheme unwinding and wider economic uncertainty set for the autumn, consumer anxiety will likely rise along with it.

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