British retail sales rebounded in May, exceeding their average growth rate over the previous year, an industry survey showed on Tuesday in a further sign that economic recovery may be starting to take root.
The British Retail Consortium said the total value of retail sales rose by an annual 3.4 percent in May after dropping by 0.6 percent in April, when year-on-year comparisons were distorted by the timing of Easter.
Like-for-like sales, a measure favored by equity analysts which strips out change in stores’ floorspace, grew by a faster-than-expected 1.8 percent after dropping 2.2 percent in April.
“While sales didn’t soar through the roof, this is still a very creditable performance from UK retailers,” said David McCorquodale, head of retail at accountants KPMG, which sponsors the survey.
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