U.K. Retailers End Strong Second Quarter On Disappointing Note

by MR Magazine Staff

U.K. retailers ended their best quarter in 14 years on a sour note, with warm weather and the World Cup keeping shoppers away from clothing and department stores. Sales unexpectedly dropped 0.5 percent in June, compared with forecasts for a 0.2 percent gain. The pound fell after the report, dropping as much as 0.7 percent to $1.2983, the lowest since September. Still, over the three months, the gain of 2.1 percent was the most for a calendar quarter since early 2004. That means the sector will contribute 0.1 percentage point to growth in the period, according to the Office for National Statistics in London. Read more at Bloomberg.