CHWY - Underlying retail sales look strong for November
Retail sales fell 1.1% M/M in November during a month that saw many Black Friday shopping events pushed to earlier on the calendar in a pandemic adjustment which impacted the month-to-month comparison. Retail sales actually rose 4.1% on a Y/Y comparison. After stripping out auto and gas, retail sales were 5.9% higher compared to a year ago.Categories with strength included building materials (+18.7% Y/Y), grocery stores (+10.5%) and sporting goods (+19.6%). Weakness was seen in the clothing store (-16.1%), department store (-19.0%) and food service (-17.2%) categories. Once again, the nonstore retailer category shined, with sales up 29% Y/Y. That means more market share for Amazon (AMZN), Etsy (ETSY), Wayfair (W), Chewy (CHWY) and gang. ETFs: [[XLY]], [[XRT]], [[VCR]], [[FDIS]], [[RTH]], [[RETL]], [[EMTY]], [[WANT]], [[FXD]], [[RCD]], [[JHMC]], [[FTXD]].Previously: Core retail sales unexpectedly drop nearly 1% in November
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Underlying retail sales look strong for November