Retailer earnings point to high street recovery
John Lewis, Next and Argos all reported solid sales growth in the last quarter, mirroring the latest British Retail Consortium (BRC) figures that suggest the British high street is well back on its way to recovery.
UK retail sales rose 1.8 per cent year-on-year in August, according to the BRC’s latest monthly figures, this follows a 2.2 per cent annual rise in sales during July.
Helen Dickinson, the BRC’s general director, attributed the sales boost to improved consumer confidence, a trend aided by the comparatively good summer weather this year.
John Lewis, posted its latest earnings report today (12 September) with sales for the first half of the year hitting £4.7bn – up 6.6 per cent year on year.
Meanwhile, Argos, part of the Home Retail Group, also posted a sales rise of 2.4 per cent, with seasonal products driving the majority of its sales. This builds on Argos reporting its first annual sales growth in growth in five years in May.
The high street retailer, which has clearly stated its intention to become a digital-first business, also posted that online sales now account for 44 per cent of total revenues – a rise of 42 per cent year on year.
Elsewhere, Next posted its total sales grew 2.2 per cent
in the first half of the year, with the retailer also crediting July’s warm weather for a sales peak during the month.