April retail sales rise as shoppers brush aside pandemic woes; consumer stocks up

2 min read | June 03, 2021 01:14 PM AEST | By Ashish

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April retail sales rise as shoppers brush aside pandemic woes; consumer stocks up — Image source: Zoriana Zaitseva, Shutterstock.com

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Summary

Australia’s retail sales rose in April on expected lines as cafés, restaurants and takeaway food services reported encouraging data.

While the retail trade rose1% month-on-month, the sales surged 25% compared with the corresponding month of last year.

Cafés, restaurants, and takeaway food services rose to AU$91.1 million in April.

Australia’s retail sales rose in April on expected lines as cafés, restaurants and takeaway food services reported encouraging data amid the ongoing coronavirus pandemic. While the retail trade rose 1.1% month-on-month (unchanged from the preliminary data), the sales surged 25% compared with the corresponding month of last year, according to the data released by the Australian Bureau of Statistics (ABS).

Source: © Litifeta | Megapixl.com

Among the sectors, retailing in food was up 1.4%, household goods up 1.5% clothing, footwear, and personal accessory up 1.2%, other retailing up 1.7%, cafes, restaurants and takeaway food services was up 2.3%, and departmental stores down 6.7%.

Cafes, restaurants, and takeaway food services lead gains

Cafés, restaurants, and takeaway food services rose to AU$91.1 million in April. By industry subgroup, the takeaway food services rose 4.4% (AU$77.1 million) for takeaway food services and cafes, restaurants, and catering services rose 0.6% (AU$14.0 million).

Source: ©Miflippo | Megapixl.com

The prominent retail stocks jumped following the upbeat retail sales data for the month of April. The shares of Woolworths Group (ASX:WOW) were up 0.92%, Coles Group (ASX:COL) were up 0.42%, and JB Hi-Fi (ASX:JBH) were up 0.67%.

However, the shares of Wesfarmers (ASX:WES) fell 2.01% after the company releases a strategic update earlier on Thursday. Wesfarmers said that its retail businesses were witnessing robust growth in sales even as it had now begun to cycle the impact of COVID-19 from the previous year.

Meanwhile, in a separate release, the national trade balance jumped to AU$8.03 billion in April, marginally below consensus expectations. In March, the trade data was AU$5.57 billion.

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