The release was unexpected as analysts had forecasted a 2.4% decline in sales. Discount stores and Value oriented chains have reported better than expected profits.
Retailers have posted consecutive declines in monthly same-store sales since September 2008, when Lehman Brothers’ bankruptcy triggered a global financial crisis. In the previous month, retailers had notched up a 0.2 per cent gain.
From next month, year-on-year sales comparisons will start to look more favourable as stores will be comparing data with the period last year when consumer spending went into freefall.
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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