Official figures from the Australian Bureau of Statistics released on Monday showed that Australia's headline retail sales fell 0.1 percent month-on-month in February, down from growth of 0.4 percent the previous month. Data missed analysts' expectations for a 0.3 percent advance.
Major drag was seen from clothing, footwear and personal accessory retailing category which on seasonally adjusted terms fell 2.5 percent. Upside in food retailing (up 0.3 percent) and department stores (up 0.8 percent) was unable to offset the declines.
Hope of turnaround in the sector after January's bounce were quickly extinguished. Data suggested that January’s solid rise was just a temporary boost. Some analysts said autumn ranges of clothes and boots were likely hit by the hot weather, and could bounce back later owing to what was a relatively wet March.
"Consumer confidence around personal finances has slipped in recent months and together with intense competition suggests that retail sales may remain lacklustre for some time," said ANZ in a report.
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April 03, 2017 at 08:23PM
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