Itaú BBA - Broad retail sales fall 13.7% mom/sa in March

Macro Brazil

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Broad retail sales fall 13.7% mom/sa in March

mayo 13, 2020

Supermarket sales prevent a sharper decline


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

 

 In March, broad retail sales receded 13.7% mom/sa, somewhat better than market expectations (-14.5%) and our forecast (-16.0%). 

 As expected, sales in the “hypermarkets, supermarkets, food, beverages and tobacco” and “pharmaceutical, medical, orthopedic, fragrance and cosmetics” segments increased in the month (+14.6% mom/sa and +1.6 % mom/sa, respectively), while the other components declined sharply.

 March figures already show the deep impact caused by social distancing measures on economic activity. Our GDP tracking points to a drop of 1.4% qoq/sa (non-annualized) in 1Q20.
 

Luka Machado Barbosa
Matheus Felipe Fuck


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



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