After another week of underperformance by retailers there was good news from the BRC’s May sales data, which showed a 1.9 per cent like-for-like uplift.

Total sales rose 4.6 per cent and hard-pressed fashion groups achieved their first year-on-year growth since August last year. However, analysts feared that pressures on retailers will persist.

Investec noted: “Weekly sales slowed across sectors as the month progressed and it is still too early to rejoice the month of May.”

Kaupthing said a downbeat electricals performance last month “will do Kesa and DSGi no favours” and clothing retailers “might see some relief, but it is not likely to be long-lasting”.

Top grocer Tesco reported 3.5 per cent like-for-like growth at its core UK business in the first quarter, but said: “Our rate of growth in non-food has eased as consumers have become more cautious with their spending.” Group sales rose 13.7 per cent.

Panmure Gordon said: “Tesco expects to produce a better performance relative to its competitors in the second quarter and second half. This is not a claim to be taken lightly, made as it was by Sir Terry Leahy, who tends to choose his words carefully.”

An update from Ted Baker, revealing an 8.4 per cent rise in group sales in the 19 weeks to June 7, was a little short of Landsbanki’s expectations. However, the broker said: “Ted Baker is performing better than most other clothing retailers. In part, this is probably because its younger customers are relatively less exposed to many of the pressures from the housing market, personal debt and everyday price increases.”

John David, owner of the JD Sports chain, posted “marginally improved” sales in the seven weeks to May 31, following its reported group like-for-like growth of 4.2 per cent for the 10 weeks to April 12. Buy, advised Kaupthing. The broker said that “despite good progress being made on numerous fronts, increasing differentiation and customer appeal”, JD trades on a PE of just 5.6 times.

Jeweller Signet’s UK chains notched up a comparable store sales rise of 5.3 per cent in its first quarter, but in the US – where the bulk of its business is done – the figure was down 4.7 per cent.

Group sales rose 1 per cent to US$822.5 million (£416.4 million), like-for-likes fell 2.5 per cent and profit slid 24 per cent to US$38.6 million (£19.5 million). Citi, which rates Signet a hold, said: “Despite the group’s best-in-class operating metrics and immature US portfolio, we expect forecast earnings risk to limit near-term share price upside.”

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