Retail Sales Beat Forecasts For Third Straight Month
Australian retail sales have jumped 0.4% in June [seasonally adjusted], beating analysts expectations [0.3%] for the third consecutive month. Following results, the Australian dollar spiked to 74 US cents.
‘Household goods’ retailing climbed 0.4% in June, with ‘electrical and electronic goods’ lifting a notable 1.3% [both seasonally adjusted].
Department store sales plummeted 1.2% [seasonally adjusted estimate], contrasting a 3.9% increase in May.
The decline follows mounting pressure from e-commerce retailers, which analysts forecast to further grow.The ABS claims online retail represented 5.7% of total June retail turnover, up from 4.1% the same time last year, and 5.6% in May 2018.
For the month, the largest retail sales growth occurred in ACT and VIC – jumping 1.2% and 1.1% – with QLD and NT posting marginal declines.
Quarterly trade volumes also soared 1.2%, beating analyst projections for a 0.8% gain.
ABS’ Ben James asserts food retailing was the predominate driver for June’s retail sales increase.