June Retail Sales Beat Expectations; Will...>

UK DATA: June Retail Sales Beat Expectations; Will Lift Q2 GDP

-UK June total sales +1.0% m/m, +3.8% y/y

-UK June sales ex fuel +0.9% m/m, +3.6 y/y

-UK Q2 retail sales +0.7% vs +1.6% Q1

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Retail sales far outpaced the MNI median forecast of a 0.3% 

decline. Sales at "Other Stores" (12.8% of total sales), which includes 

charity shops and auction houses, jumped by 3.2%, or by 11.6% y/y. May 

sales were revised downward by 0.1pp to post a 0.6% drop, but sales 

volumes over the quarter remained in the black and will contribute 0.04 

percentage point to Q2 growth. Sales at non-specialised outlets, largely 

department stores, fell by 0.4%, the sixth straight monthly decline, the 

longest stretch since records began in 1988. Non-store retailing, 

largely internet outlets, rose by 0.7% in June, but online sales fell to 

a non-seasonally-adjusted 18.2% of total sales from 18.7% in May.