UK retail sales record biggest monthly drop since 2023 ...Middle East

Retail sales volumes dropped by 2.7% in May, the Office for National Statistics said, a much sharper decline than the median forecast of 0.5% in a Reuters poll.

April data had shown robust sales growth after demand was boosted by unusually sunny weather for the time of year and GfK consumer sentiment data for June, released earlier on Friday, showed the highest sentiment so far this year.

Updates this month from major British retailers have been mixed. Tesco, the country’s biggest food retailer, beat expectations for first quarter sales, despite what it called an “intensely competitive” market.

However, struggling discounter Poundland said it plans to close 68 stores.

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