Analysts at ANZ note that the Australia’s retail sales bounced solidly in February as they rose by 0.8% m/m in February, well above market expectations.
Key Quotes
“In annual terms, sales growth rose to 3.2% (from 2.7% in January). This represents a recovery from weak m/m sales growth in December and January.”
“Department stores led m/m growth in discretionary spending at +3.5%, while clothing and sales rose 1.6% and household goods were up 1.1%. Food sales jumped 0.8% m/m, lifting annual growth to 4.9% (compared to 4.2% y/y growth to January). In contrast, cafes, restaurants and takeaway food spending was flat during February.”
“Strength in sales was relatively broadly based across the states and territories.”
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