Itaú BBA - Retail sales recede in December, driven by payback of Black Friday effects and decline in vehicle sa

Macro Brazil

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Retail sales recede in December, driven by payback of Black Friday effects and decline in vehicle sa

febrero 13, 2019

Result below expectations

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

• Core retail sales dropped 2.2% in December, well below the median of expectations and our forecast (declines of 0.1% and 0.3%, respectively). The breakdown shows that the return of Black Friday effects was stronger than expected.

• Broad retail sales (which include vehicles and construction materials) declined 1.7% in December. In addition to the Black Friday effect, sales of vehicles and construction materials also fell in the month.

• For the time being, we forecast a slight seasonally-adjusted increase in both retail sales indicators in January.
 

Artur Manoel Passos
Alexandre Gomes da Cunha

 

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



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