英文波兰消费者：零售销售增长超预期，积极的日历因素成为推动力

CEEMEA Equity Research26 May 2025JPMORGANwww.jpmorganmarkets.comCEEMEA ConsumerElena Jouronova, CFA AC(971) 4561-2010elena.jouronova@jpmorgan.comJ.P. Morgan Securities plcBorja Olcese(34-91) 516-1511borja.olcese@jpmorgan.comJ.P. Morgan Securities plcNishchay Mehta(91-22) 6157-5159nishchay.mehta@jpmchase.comJ.P. Morgan India Private LimitedPolish retail sales were up 7.9% y/y in April 2025, representing the highest growth rate since February 2023. While a significant part of the uplift from the 0.6% growth rate registered in February and March can be explained by calendarisation (Easter shift and +1 trading Sunday), the print came in well ahead of consensus expectations of 3.9%. Food category sales were up 15.7% y/y in nominal and 9.7% y/y in real terms, with volumes turning positive on a 2Y stack basis. The trend in discretionary spending also improved with Retail sales ex food and fuel as a proxy +7.9% y/y (+4.3% y/y volumes), accelerating vs March (+2.3% y/y, -1.3% y/y volumes) - pos