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March Retail Sales Fall Flat

Latest research from the ABS reveals retail sales in March fell flat, remaining unchanged from February’s increase of 0.6%. The results fall short of economists’ expectations for a 0.2% lift.

Despite soft performance, annual sales growth¬†notched 3.2%, up from February’s 3%.

The result is reportedly the fastest increase since July 2017.

Quarterly retail sales turnover also fell short, climbing 0.2% for the three months to March 31st. The results fall below forecasts for a 0.5% lift.

It’s significantly less than the 0.8% increase notched in the last quarter of 2017.

Aligning with several analysts’ remarks, March’s results reflect the impact of Chinese New Year in February, which was attributed to boosted results.

[ABS – March 2018]

Excluding ‘food retailing’, all other retail industries posted a decrease in March.

‘Other retailing’ notched 0.6%, household retailing 0.3% and department stores posted 0.5%.

For the period, retail turnover fell in four Australian states – NSW, QLD, WA and TAS.

Read the ABS’ full March retail sales report

Quarterly retail sales turnover also missed the mark, climbing 0.2% for the three months to March 31st. The result missed forecasts for a 0.5% lift.

It’s significantly less than the 0.8% increase notched in the last quarter of 2017.

 

Read the ABS’ full March retail sales report¬†here.

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