Itaú BBA - Retail sales rise in April and continue upward trend

Macro Brazil

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Retail sales rise in April and continue upward trend

junio 13, 2018

Result influenced by fewer holidays in the month.

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

Core retail sales climbed 1.0% mom/sa in April, printing above the median of market expectations (0.6%) and close to our estimate (0.9%).
 

Broad retail sales (including vehicles and construction material) rose 1.3% during the month, slightly above the median of market expectations (1.2%), but below our call (1.7%).
 

The April increase was relatively widespread, with monthly gains in 9 out of 10 segments that form broad retail. The move was influenced by holidays, as Easter took place in March and Tiradentes on Saturday.
 

For the time being, we forecast drops of 2.0% mom/sa in core retail sales and 3.5% in broad sales in May, due to the impact of cargo transportation stoppages.
 


 

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

 



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