UK General Retail Apr-26 BRC Retail Sales - headline dragged by Easter timing, but overall tone soft

Research evidence excerpt

UK General Retail Apr-26 BRC Retail Sales - headline dragged by Easter timing, but overall tone soft

J P M O R G A N Europe Equity Research

12 May 2026

UK General Retail

Apr-26 BRC Retail Sales - headline dragged by Easter

timing, but overall tone soft

BRC total retail sales for Apr (across Food and Non-Food) declined by 3.0% European General Retail

ACyoy (LFL -3.4%, BBG cons +0.8%) vs Mar +3.6% yoy. This represents the Georgina Johanan, ACA

first negative growth since Nov-24; however, the headline rate of decline was (44-20) 7134-5791

dragged by the earlier timing of Easter yoy – looking at Mar & Apr on average georgina.s.johanan@jpmorgan.com

sales were marginally positive. Apr BRC data covers the 4 weeks to 2 May. Food J.P. Morgan Securities plc

sales were -2.5% yoy, particularly dragged by this calendar effect (Mar +6.8%), Fiyin Durojaiye

albeit the BRC also referenced lower income households already feeling the (44-20) 3493-0455

fiyin.durojaiye@jpmorgan.com

impact of higher fuel costs. Non-Food sales were also in decline at -3.3% (Mar J.P. Morgan Securities plc

+0.9%), reflecting timing and tough underlying comps (recall Apr-25 was boosted

Shailja Maskara

by weather), making it difficult to discern whether any underlying consumer (91-22) 6157-3318

slowdown is developing. On one hand: UK consumer confidence moved 4pts shailja.maskara@jpmchase.com

lower mom in Apr, and is now at its lowest level since Oct-23; BDO sales data has J.P. Morgan India Private Limited

slowed somewhat; and both Dunelm and Primark (ABF) have referenced softer

Specialist Sales contact details:trading. However, in contrast, Next last week referenced steady trends through the

quarter to end Apr (with a consistent two-year UK growth rate of c.13% and is not Olivia Petronilho - Specialist Sales -