April 24, 2024, 08:56 AM

Canada February Retail Sales Weaker Than Expected; Advance Estimate for March Points to Flat Reading

Canadian retail sales decreased 0.1% in February compared with the previous month to $66.7 billion as five of nine subsectors declined, led by drops at gasoline stations and fuel vendors, the country's statistical agency said on Wednesday.

February's figure was slightly weaker than the 0.1% m/m consensus increase provided by MUFG.

Statistics Canada provided an advance estimate of March retail sales that suggests there was no change. This unofficial estimate was calculated based on responses received from 62% of companies surveyed. The average final response rate to the survey over the previous 12 months was 91%.

Core retail sales -- which exclude gasoline stations, fuel vendors and motor vehicle and parts dealers -- were unchanged in February, in line with a consensus figure also provided by MUFG. Higher receipts were reported at general merchandise retailers (+1.1%) and, to a lesser extent, health and personal care retailers (+0.4%). Offsetting these gains in February were lower sales at furniture, home furnishings, electronics and appliances retailers (-1.5%), clothing, clothing accessories, shoes, jewelry, luggage and leather goods retailers (-1.0%) and building material and garden equipment and supplies dealers (-0.4%).

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