TOP NEWS: UK retail sales rise in July amid triple sports boost

(Alliance News) - Retail sales in the UK rose in July, the Office for National Statistics reported Friday.

Retail sales volumes are estimated to have climbed 0.5% monthly in July after a decline of 0.9% in June from May. The June estimate was upwardly revised from a previously reported 1.2% fall.

On-year, retail sales growth was 1.4% in July, as the ONS noted that comparably poor weather hurt sales in July 2023.

"Department stores and sports equipment stores reported a boost following summer discounts and sporting events," the ONS highlighted.

Sales volumes were up 1.1% in the three months to July compared to the three months to April.

Flo Holt, retail strategy & consulting managing director for Accenture in the UK & Ireland said: "A hat-trick of the Euros, Wimbledon and Olympics has brought a moderate boost to retail sales in July, helped along by the warmer weather. With holiday season well underway, retailers benefited from a strong performance in department stores and sports equipment."

Looking ahead, she added: "Retailers can feel optimistic heading into August, as the ongoing summer holiday period and back-to-school shopping could continue to drive sales. However, the slow start to Spring-Summer will mean many retailers are now juggling inventory and feeling pressure to start clearance sales. They may inevitably have to take a hit to margins in certain areas to maintain this positive momentum into next month."

By Tom Budszus, Alliance News slot editor

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