In line with expectations of +0.9% y/y but below the prior of +1.2% y/y
The "like-for-like" sales basis strips out changes in store size
More from the British Retail Consortium data, this via Reuters:
- Total sales in July slowed to show a 1.4 percent rise, in line with the 12-month average
- 2.3 percent growth in food sales on a like-for-like basis between May and July was mainly driven by rising prices, while non-food sales shrank by 0.7 percent
- This was the weakest performance for both since the January-March period
- A sharp depreciation in sterling since the Brexit vote in June 2016, combined with stagnant wages, has put pressure on households as essentials like food have become more costly. The trend has pushed consumer borrowing up while confidence levels have fallen along with spending on items like cars and the number of people seeking mortgages to buy homes.
- "We can expect food to continue making the running for sales growth for the time being, although driven more by price than volume, with non-food continuing to struggle," said Helen Dickinson, Chief Executive of the BRC.
- Paul Martin, UK head of retail at accountancy firm KPMG, which sponsors the index, said the figures seemed to defy weak readings of consumer confidence recently, retailers should not count on a sustained pickup. "This divide suggests that UK shopping patterns remain mixed, although with demand continuing to be weak, retailers would be wise to remain cautious," he said.
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The response of GBP has been swift and brutal ...
Well, OK .... nothing happening :-D
Updates:
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And, here is the picture I used earlier of the Australian trade minister. Its unrelated to this post, but he has such a lovely smile
