Itaú BBA - Retail sales remained stable in February

Macro Brazil

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Retail sales remained stable in February

April 9, 2019

Result reinforces assessment of weakness in 1Q19

For the version with all charts and tables, please open the attached pdf file.
 

 Core retail sales were stable on a seasonally-adjusted monthly basis in February, beating our forecast (-0.7%) and the median of market estimates (-0.4%). In year-over-year terms, sales expanded 3.9%.

 Broad retail sales (including vehicles and construction material) fell 0.8% during the month, printing between our estimate and the median of market expectations (-1.0% and -0.3%, respectively).

 For the time being, we anticipate seasonally-adjusted increases in both retail sales indicators in March. 


Luka Barbosa
Alexandre Gomes da Cunha

 

For the version with all charts and tables, please open the attached pdf file



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