Investing.com - Retail sales in the U.K. fell less than expected in February, easing concerns over the economic outlook, official data showed on Thursday.
In a report, the U.K. Office for National Statistics said retail sales decreased by a seasonally adjusted 0.4% last month, compared to forecasts for a decline of 0.7%. Retail sales in January rose by 2.3%.
Year-on-year, retail sales rose at an annualized rate of 3.8% in February, matching expectations, after rising at a rate of 5.4% a month earlier.
Core retail sales, which exclude automobile sales, dipped by a seasonally adjusted 0.2% last month, better than forecasts for a decline of 1.0% and following a jump of 2.3% in January.
Clothing and shoes fell 0.4%, with poor weather delaying purchases of spring and summer attire, the ONS said.
GBP/USD was trading at 1.4074 from around 1.4085 ahead of the release of the data, while EUR/GBP was at 0.7934 from 0.7931 earlier.
Meanwhile, European stock markets were broadly lower. London’s FTSE 100 fell 1.05%, the EURO STOXX 50 declined 1.1%, France's CAC 40 slumped 1.45%, while Germany's DAX dropped 1%.