Canadian retail sales for April 2017
- Prior was +0.7% (compared to +0.3% expected at the time)
- Ex-autos +1.5% vs +0.7% expected
- Sales at $48.6 billion in April
- Sales up in 9 of 11 subsectors
- Furniture -0.3% m/m
- Appliances +2.1%
- Food +0.6%
- Clothing +3.1%
Very strong on the headlines. USD/CAD instantly down to 1.3260 from 1.3295.
Housing is a big factor here. Sales at building material and garden equipment and supplies dealers (+3.5%) increased for the eighth consecutive month. That's the largest percentage increase since May 2015. Regionally, Ontario was the big driver and that fits into the housing story as well.
More ominously for retailers in Canada and globally. On a year-over-year basis, retail e-commerce increased 41.6% but still represents just 2.5% of total sales. Sears Canada may file for bankruptcy protection as soon as today.
