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Market Commentary

Weekly Retail & Leisure News - 25​​ July​​​, 2016​​​​​​​​​​​​​​​​​

UK retail sales down in June

According to newly released data from The Office for National Statistics, UK retail sales fell in June as clothing sales were hit by the wet weather. Retail spending fell by 0.9% in June, compared with May, its sharpest drop for six months. Retail sales were up by 4.3% compared with June 2015 however, the 38th consecutive period of YoY growth. Average prices in stores, including petrol stations, fell by 2.5% over the year. The latest data covers the month of the EU membership referendum, but it is unlikely that the figures can as yet offer any real indication of how the vote has affected retail spending in the UK.

A breakdown of spend by retail category over the past 12 months shows growth for food stores (0.3%), non-food stores (1.1%) as well as household goods stores (2.1%). However, textile, clothing and footwear stores showed a drop in amount spent of 7.2%. Commenting on the official retail figures, Melanie Richard, ONS Head of Retail Sales, said "All types of stores showed growth in June with the exception of clothing and footwear which struggled again due to the changeable weather. But department stores continued to see strong sales compared with last June - boosted by events such as Father's Day, the EURO 2016 football and the Queen's official birthday".

In other news, several international retailers have reported positive sales results in the last week. Starbucks reported LFLs were up by 4% for Q3, while revenue increased by 7.3%. French luxury-goods maker Hermes reported an increase of 6% for its first-half sales. Group sales at AO World increased by 26%, with UK revenues up by 19%. And US footwear retailer, Skechers, reported retail sales increased 15.4% for Q2 ending June 30.

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