UK BRC retail sales like-for-like for April -4.2% vs -0.8%

Miss on the downside

• The UK BRC retail sales like for like for April fell -4.2% versus -0.8% expected.
• Total retail sales -3.1 YoY versus March +2.3. This was the percent biggest fall since records began in 1995.
• The prior month was a 1.4% gain
• The fall of -4.2 was the largest fall since 2005
• BRC says the sharp fall in sales reflects timing of Easter as well as underlying downward trend in sales

Despite the sharp fall, the price remains steady and just above the 200 day MA at 1.3541 (current price at 1.3546).