Canada retail sales for February -0.4% versus -0.4% estimate

• Prior month -0.6%
• Retail sales -0.4% versus -0.4% estimate
• In volume terms, retail sales decreased 0.4% in February.
• Ex auto +0.5% versus -0.4% estimate. Prior month revised from +0.2% to +0.1%
• The advanced report for March show a gain of 0.7% in March.
• Retail sales decreased in seven provinces in February. The largest provincial decrease in dollar terms was observed in Quebec (-0.9%), marking its second consecutive monthly decline. In the Montréal census metropolitan area (CMA), sales were down 2.5%

Details:

• Sales were down in four of nine subsectors and were led by decreases at motor vehicle and parts dealers

• Motor Vehicle and Parts Dealers:

  • Overall sales decreased by -2.6% in February.

  • All four store types within this subsector saw declines.

  • New car dealers led the drop with a -3.0% decrease, marking a second consecutive monthly decline.

  • Automotive parts, accessories, and tire retailers also fell by -1.6%.

• Gasoline Stations and Fuel Vendors:

  • Sales increased by +0.3% in February, marking the fifth consecutive monthly gain.

  • In volume terms, sales rose +0.8%.

Core retail sales ex Auto details:

• Core Retail Sales:

  • Increased +0.5% in February.

• Food and Beverage Retailers:

  • Sales rose +2.8%, driving much of the core retail growth.

  • Supermarkets and other grocery retailers (excluding convenience stores) increased +3.7%, rebounding from a -3.2% decline in January.

  • Beer, wine, and liquor retailers contributed with a +2.3% increase.

• General Merchandise Retailers:

  • Sales were up +1.2% in February.

• Furniture, Home Furnishings, Electronics, and Appliances Retailers:

  • Experienced the largest decline among core retail categories with a -2.9% decrease

This article was written by Greg Michalowski at www.forexlive.com.