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Sales Almost Recovered From Crisis in.......>

UK DATA
MNI (London)
UK DATA: Sales Almost Recovered From Crisis in Jun; But Down in Q2
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- UK JUN RETAIL SALES +13.9% M/M; -1.6% Y/Y, ABOVE BBG +8.3% M/M F/C
- UK JUN RETAIL SALES EX-FUEL +13.5% M/M; +1.7% Y/Y
- UK MAY TOTAL SALES REVISED UP +12.3% M/M
- UK JUN RETAIL SALES DEFLATOR -1.5% Y/Y; EX-FUEL +0.1% Y/Y
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Retail sales registered another strong reading, rising 13.9% and beating
expectations. June's uptick was led by a further recovery of non-food and fuel
stores, up 45.5% and 21.5% m/m, respectively. May's and Jun's increases took
sales almost back to Feb's level with Jun sales only 0.6% lower than in Feb.
However, the structure of sales changed compared to pre-crisis levels. Food
sales continue to record levels above pre-crisis levels and online sales have
risen to a record high. Clothing and footwear remain weak and sales in non-food
stores are around one-third lower than before the pandemic. Sales saw the
weakest q/q growth on record, leading to a neg 0.51pp contribution to Q2 GDP. 
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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