ISHP - U.S. Retail Sales Rack Up Solid March Numbers

2024-04-16 07:00:00 ET

Summary

• U.S. retail sales smashed expectations in March, with total sales up 0.7%, ex-autos up 1.1%, and the control group up 1.1% as well.
• Non-store retailers and bars and restaurants saw the biggest year/year increase of 11.3% and 6.5%, respectively.
• For Q1 2024, the LSEG Retail/Restaurant Index is looking at a 12.7% blended estimated earnings growth rate and a 3.8% blended estimated revenue growth rate.

By Jharonne Martis

U.S. retail sales smashed expectations in March, with total sales (mkt +0.3% m/m) up 0.7%, ex-autos (mkt +0.4% m/m) up 1.1%, and the control group (mkt +0.4% m/m) up 1.1% as well. This means that Q1 GDP is likely to receive a boost from strong consumer spending. Revisions to February U.S. sales were up, and also came in strong, taking all three measures up 0.3pp to +0.9%, +0.6%, and +0.3% respectively....

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