Data released by Statistics Canada just moments ago showed retail sales falling 0.8% in June to $69.6 billion, following a revised 1.6% increase in June. Expectations were for a 0.6% decline, driven by declines in department store sales.
Core retail sales, excluding gas stations and motor vehicle and parts stores, fell 1.2% in July after a 2.2% increase in May’s revised reading, exceeding expectations.
The July sales decline was driven by a 1.3% decline in food and beverage stores, following a 2.3% increase in June, as receipts from supermarkets and other grocery stores declined. Sales at clothing, accessories, footwear, and jewelry stores also fell by 2.9%, while gas station sales fell by 0.9%. Sales at motor vehicle and parts stores rose by 0.2%.