David McCorquodale, UK Head of Retail at KPMG, comments on the latest Retail Sales figures from the Office for National Statistics (ONS):
“World Cup fever has hit the high street and sales of sports clothing and equipment soared in the run up to the tournament, up a massive 28.9% year on year. The feel good factor created by this momentous sporting event has undoubtedly delivered a real boost to the retail sector and should help to drive sales in June too, as people buy replica football shirts, food and drink to enjoy the games.
“However, not all sectors are posting such positive results. The grocers’ discounting campaigns are cutting into their margins and causing widespread concern amongst the investor community. While price cuts are good for consumers, if too prolonged they risk damaging the long term health of individual grocers.”
Notes to editors:
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KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.