(reading time: 3 mins)

All in all, Retail sales data, volumes +3.7%YoY, below moving averages, o/w non-Food, +4.6%YoY and Food sales +2.6% (nominal +5.3%) points to some weakness (below moving averages), even so still interesting data.  

The Portuguese Statistic Institute (INE) has just released July’s Retail Sales data.  

We would highlight the following:

• Retail sales deflated raw data (without service stations and car sales): +3.7%YoY vs. 12MMA (12 month moving average) +5.1% and 3MMA +3.8%;
• Non-food Retail sales deflated raw data (without service stations and car sales): +4.6%YoY vs. 12MMA +6.7% and 3MMA +5.5%;
• Food Sales, deflated raw data: +2.6%YoY vs. 12MMA +3.2% and 3MMA +1.8%;
• Nominal Food sales (raw data): +5.3%YoY vs. 12MMA +6.1% and 3MMA +5.1%;
• Clothes, Shoes & Textile (nominal raw data): +4.4%YoY vs. 12MMA: +6.0% and 3MMA: +6.7%;
• Household goods (nominal raw data): 9.3%YoY vs. 12MMA: +5.7% and 3MMA: 9.9%;

• Mail and Internet retail (nominal raw data): -0.2%YoY vs. 12MMA: 4.8% and 3MMA: 8.9%.

Separately, Spanish Internet sales, in euros in July (data released today), -0.7%YoY vs. 12MMA: 13.0% and 3MMA: 10.2%

Our comments: Retail sales in July, volumes, +3.7%YoY; o/w Food +2.6% and Non-Food +4.6%. Figures, broadly, below moving average, even that still interesting data. Food data at 2.6% and nominal 5.3%, still points to a positive quarter and, apparently, in line with the general view of the main food retail player.

Source: INE, Eurostat, AS Independent Research