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Financial News: Czech Retail Sales Fall More Than Forecast

Czech Retail Sales Fall More Than Forecast

07/11/2022 - 08:15:00 (RTTNews)

(RTTNews) - The Czech Republic's retail sales declined for the first time in fourteen months in May, and at a faster-than-expected pace, data from the Czech Statistical Office showed on Monday.

Retail sales, except motor vehicles and motor cycles, fell sharply by a calendar-adjusted 6.9 percent year-over-year in May, reversing a 5.7 percent increase in April.

That was also well above the 1.5 percent decrease expected by economists. Moreover, this was the first fall since March 2021.

The annual comparison was influenced by a higher comparison basis, the agency said.

Sales from non-food assortments were significantly higher in May last year after the release of pandemic measures.

Sales of non-food products were 7.6 percent lower in May compared to last year, and those of food, beverages and tobacco dropped 6.3 percent.

Retail sales of automotive fuel in specialized stores slid 5.2 percent. Sales and repair of motor vehicles and motorcycles also showed a negative growth of 8.1 percent.

Retail sales via mail order houses or via the internet continued to fall markedly by 10.1 percent.

On a monthly basis, retail sales moved up 2.3 percent in May.

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