John Lewis sales hike fuelled by World Cup

City A.M. Reporter
JOHN Lewis has posted a 20.6 per cent hike in sales in the week to 5 June compared with the same time last year.

The chain saw sales of £54m, it said in a trading statement which attributed the rise to sales of sportswear stoked by the World Cup.

The employee-owned firm, which is seen as a bellwether of the UK retail sector, has seen the tournament in South Africa boosting sportswear sales.

"As World Cup fever reached a crescendo of anticipation, customers splashed out on new flat-screen TVs," the firm said, adding that World Cup stock had also sold very well in sports and childrenswear.

"The football World Cup always tends to have some upward impact on retail sales and this is liable to be magnified the better that England do," said Howard Archer, chief economist at IHS Global Insight.

"Further out, it is hard to be optimistic about the prospects for consumer spending. Indeed, we believe that consumer spending will be limited for some time to come."