Retail sector booms on World Cup fever
The Office for National Statistics (ONS) has said sales of household goods have been the majority backer behind the 0.6 per cent rise in retail sales growth in May. Football fans snapping up discounts and offers on new TV’s to watch the World Cup have been benefitting high-street retailers the report said.
Kate Neilson
shareprices.com - Thursday, June 17, 2010
The ONS released the retail results today which said sales of household goods were up 1.7 per cent in May compared to April. Clothing and retail outlets were down – possibly due to the poor weather during the month – but food sales did go up as households went out to buy food in bulk ready to entertain for World Cup matches.
Analysts have said the sales of televisions have been a primary booster for the figures in May as retails went into direct competition to offer consumers the best deals on high-tech TV’s to watch the four-week football tournament on.
The sales volume rose 2.2 per cent on the year after the May figures massively out-performed the predictions of analysts. After consulting figures from May four years ago ahead of the 2006 World Cup in Germany, analysts said they expected sales to rise 0.1 per cent.
Retail sales for the three months to May rose by one per cent and the ONS said it had revised down April’s sales growth from 0.3 per cent to flat.
The General Retail sector is up 0.5 per cent as a result with Food and Drug Retailers also up 0.1 per cent following the results.
Heading the gains is technology retailer DSG International (LON:DSGI), the parent group of Currys and PC World, which is up 1.3 per cent and is proving a hugely popular retail stock during today’s trading.
Sports retailers including JJB Sports (LON:JJB) and Sports Direct International (LON:SPD) are also helping the sector gain with share price increases of 3.9 per cent and 2.1 per cent respectively on the back of the sales growth news and consumers flocking through doors to buy World Cup replica kits.
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