British Retailers Realize Highest Profit in July

Retail-SectorOn Tuesday, industry data was released and the same has shown that a six-year-best July has been realized this time by British retailers.

It has been reported by the British Retail Consortium that they were at 3.9% higher value as compared to last year in terms of total value of retail sales. The total value is nearly twice the growth noted in the month of July last year.

Also, the performance this year is the best since the year 2006.

It was the sporting triumphs, summer heat wave and a royal baby's arrival, which gave an excuse to consumers to spend extravagantly.

The report revealed that a 2.2% growth has been realized last month in the like-for-like sales, removing changes in stores' floorspace. It has come out to be the best reading for a month since February.

Besides, summer barbecue ingredients sold particularly well and led to the strong growth realized in July. The figures have shown that the economic recovery of Britain has been gaining pace.

"Sales of food and drink soared as consumers popped open the bubbly and held barbecues to celebrate the royal family's newest arrival, Murray's Wimbledon triumph and the warm delights of summer", stated accountancy firm KPMG's Head of Retail, David McCorquodale.