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Seven of eight retail sectors posts higher sales in March
22 May '07
3 min read
Retail sales surged in March, resulting in a strong first quarter. March's gains were widespread with seven of eight retail sectors posting sales increases.
After two months of little change in sales growth, total retail sales rose 1.9% in March to an estimated $34.0 billion. The latest monthly increase helped retail sales in the first quarter of 2007 rise by 2.0%, marking a return to strong quarterly growth after a lacklustre fourth quarter of 2006.
This was the strongest quarterly growth for this group of retailers since the series began in 1991. In the first quarter of 2007, there was robust growth in sales by furniture, home furnishings (+3.5%).
Of the seven retail sectors posting sales gains in March, the automotive sector (which includes gasoline stations) led the way with a 3.8% increase after two months of declines.
Significant advances were also posted by four other retail sectors. Miscellaneous retailers' sales rose 2.9% to post the highest growth rate since January 2006, while clothing and accessories store sales climbed 1.5%. Furniture, home furnishings (+1.2%) enjoyed their fifth consecutive increase, and retail activity in the building and outdoor home supplies stores picked up in March (+1.0%) after declining in February.
Seven of eight retail sectors posted higher sales in March:
In the clothing and accessories stores sector, clothing stores had a 1.7% increase in sales, recovering fully from a 1.5% decrease in sales in February. Shoe, clothing accessories and jewellery stores had sales rise a modest 0.7% after two months of declines.
After two months of little change in sales growth, total retail sales rose 1.9% in March to an estimated $34.0 billion. The latest monthly increase helped retail sales in the first quarter of 2007 rise by 2.0%, marking a return to strong quarterly growth after a lacklustre fourth quarter of 2006.
This was the strongest quarterly growth for this group of retailers since the series began in 1991. In the first quarter of 2007, there was robust growth in sales by furniture, home furnishings (+3.5%).
Of the seven retail sectors posting sales gains in March, the automotive sector (which includes gasoline stations) led the way with a 3.8% increase after two months of declines.
Significant advances were also posted by four other retail sectors. Miscellaneous retailers' sales rose 2.9% to post the highest growth rate since January 2006, while clothing and accessories store sales climbed 1.5%. Furniture, home furnishings (+1.2%) enjoyed their fifth consecutive increase, and retail activity in the building and outdoor home supplies stores picked up in March (+1.0%) after declining in February.
Seven of eight retail sectors posted higher sales in March:
In the clothing and accessories stores sector, clothing stores had a 1.7% increase in sales, recovering fully from a 1.5% decrease in sales in February. Shoe, clothing accessories and jewellery stores had sales rise a modest 0.7% after two months of declines.
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