Itaú BBA - Retail sales weaker than expectations in April

Macro Brazil

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Retail sales weaker than expectations in April

junio 12, 2019

Retail sales quarterly growth is slowing down.

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

 Broad retail sales were stable in seasonally-adjusted monthly terms in April, printing below market expectations (+0.3%) and our estimate (+0.4%).

 Core retail sales (excluding vehicles and construction material) declined 0.6% mom/sa, also disappointing market estimates (-0.1%) and our call (-0.4%).

 For the time being, we anticipate seasonally-adjusted increases of 0.2% in core retail sales and 0.6% in broad retail sales in May.
 

Luka Barbosa
Matheus Felipe Fuck

 

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



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