NZ: Flat retail sales data - TDS

Analysts at TD Securities note that New Zealand’s Q3 retail sales volumes excluding inflation were flat q/q, falling short of market expectations of +1.0%/q. 5/13 core categories declined, leading to a weakest sales print since Q2 2015.

Key Quotes

“Food and beverage (-3.3%/q), pharmaceutical (-3.1%/q) and motor vehicles and parts (-2.3%/q) fed into the weak figure, offsetting a rise in sales volumes in department stores and electrical goods. Value of sales rose 0.6%/q with high fuel prices feeding into the data, albeit being offset by vehicle and food and beverage industries.”