Business

Retail sales fall 1.1 per cent

  • Less sales: retail sales fell in value and volume during January

Retail sales fell by 1.1 per cent year-on-year in January to $84.3 million. Five of the seven sectors in the Retail Sales Index saw drops in sales revenue.

The biggest loser was the motor trade, with an 11.8 per cent fall in sales revenue, attributed to a 12.2 per cent fall in sales volume.

However, building materials and hardware stores recorded a gain of 17.4 per cent.

Island residents spent a total of $88.7 million for the month, with the overseas portion unchanged from January last year at $4.4 million.

After adjustment for inflation, which was at 1.2 per cent in January, the volume of retail sales decreased by 2.1 per cent.

The value of fuel sales at service stations also saw an increase, up 8.2 per cent for the first month of the year, with the increase put down to a 2.3 per cent increase in the price of fuel.

After adjusting for inflation, the sales volume of fuel increased by 5.8 per cent.

Receipts from food sales dropped 2.2 per cent for the month, while liquor sales went down 0.9 per cent.

The sales volumes for food and liquor stores dropped 3.7 per cent and 5.9 per cent respectively.

Sales of clothing also fell, down 1.3 per cent but 2.9 per cent when inflation was factored in.

Sales receipts in the all other store types sector went down 1.4 per cent compared to the previous January.

Miscellaneous sales decreased by 13.1 per cent, while pharmacies saw a 1.9 per cent drop in sales revenue.

Marine and boat suppliers, however, saw their gross receipts go up 22.7 per cent, while receipts for furniture, appliances and electronics grew by 0.2 per cent.

With inflation considered, the drop in the all other stores sector went down 2.4 per cent.