Poland Consumer: May Retail Sales point to softer momentum in food vs. resiliency in discretionary

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Poland Consumer: May Retail Sales point to softer momentum in food vs. resiliency in discretionary

J P M O R G A N CEEMEA Equity Research

22 June 2026

Poland Consumer

May Retail Sales point to softer momentum in food vs.

resiliency in discretionary

Polish retail sales increased 4.4% y/y in May on current prices, accelerating from CEEMEA Consumer

ACthe 2.8% y/y growth recorded in April. In real terms, total retail sales rose 3.0% y/y Elena Jouronova, CFA

(3.7% y/y seasonally adjusted), with the food segment facing a 2.8% y/y reduction (971) 4561-2010

compared to the non-food retail segment recording an increase of 3.9% y/y and elena.jouronova@jpmorgan.com

textiles recording a 3.8% y/y improvement. Despite May’s statistics having been Anastasia Tikhonova

positively affected by the calendar effect for our food retail coverage (in contrast (44-20) 3493-8007

to the negative effect back in April), food space recorded a y/y slide both in nominal anastasia.tikhonova@jpmorgan.com

and real terms. This is unfavourable for our Food Retail coverage, May and April European Food Retail

data as well as prevailing deflation in April suggest the LFL momentum continues Borja Olcese

to be challenging for the space. May data shows acceleration for discretionary and (34-91) 516-1511

apparel names, which is supportive for Allegro’s (OW) as well as Pepco (OW) and borja.olcese@jpmorgan.com

J.P. Morgan Securities plc

LPP (UW), where, though, we see more reasons for divergent sales momentum

performance for the latter.

• Food retail sales printed 1.4% lower y/y in nominal terms (vs. a 3.3% y/y

reduction recorded in April) and were down 2.8% y/y in real terms (vs. 5.8%

y/y reduction in April), but +5.7% on a 2Y stack basis on current prices (but at

negative -1.3% on constant prices).