April Retail Sales Rebound, Beat Forecasts
Australian retail sales rebounded in April, jumping 0.4% to $26.56 billion [seasonally adjusted] – beating expectations for a 0.2% – 0.3% lift.
Improved results are attributed to increased household goods expenditure (up 0.7%), coupled with higher “cafe, restaurant and takeaway” spending (up 1.3%).
Department store and clothing sales continued to offset improved growth – down 0.8% and 0.9% respectively.
Excluding food retailing, the ABS’ latest numbers reveal a 0.5% lift in retail turnover, contrasting a 0.6% drop in March.
Despite April’s improved retail sales, annual growth dropped from 3.2% to 2.6%.
Retail sales largely increased across all Australian states and territories during the month – New South Wales (up 0.7%), Victoria (up 0.3%), Western Australia (up 0.7%), Queensland (up 0.1%), Northern Territory (up 2.6%), Tasmania (up 0.9%), Australian Capital Territory (up 0.6%) and South Australia (down 0.6%).
April’s results follow relatively flat retail growth in March, and February’s boom.