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Retail sales drop for first month in a year

Sales slip: retailers took less at the tills last November than they did in the same month in 2014

Retail sales in Bermuda dropped last November for the first month in a year, the latest Government figures have revealed.

Sales were down $3.6 million, or 0.6 per cent, to $85.5 million on the $89.1 million recorded for October.

Returning residents declared overseas purchases of $6.5 million, up 8.3 per cent year on year, giving a combined island and foreign spend of $92 million.

After adjustment for inflation, measured at 0.3 per cent last November, the volume of retail sales decreased 0.9 per cent.

A total of four of the seven sectors experienced declines in sales revenue.

The all other store types category took the biggest hit as sales dropped 6.2 per cent, while individual segments like furniture, appliances and electronic sales dropped 17.5 per cent.

Pharmacies saw a 0.1 per cent decline, although gross receipts for marine and boat supplies tripled as a result of higher boat sales.

Receipts for tourist-related stores went up by one per cent.

After adjustment for inflation, the all other store types saw a drop of six per cent.

Sales revenue in clothing stores fell by 1.3 per cent, reflecting a 2.7 per cent drop in sales volume — attributed partly to reduced tourist sales as well as lower Black Friday sales compared to 2014.

Motor-vehicle sales continued their mini-boom, with sales up 20.7 per cent in November last year compared to the same month a year before.

The Department of Statistics said: “The increase in sales was due to a 22.6 per cent rise in the number of vehicles sold as well as an increase in the average price of vehicles.”

Receipts from food and liquor stores fell by 0.4 per cent, while sales revenue for liquor stores fell by 2.7 per cent in November.

Sales volume for food fell 2.2 per cent, while sales volume for liquor dropped 3.6 per cent.

But building materials-sales revenue went up 1.2 per cent last November, with the increase put down to more activity in residential construction, although, after inflation was taken into account, sales volume fell 1.3 per cent.

Service-station sales receipts were flat, with a 0.1 per cent increase last November. The marginal increase of 0.5 per cent in fuel sales volume was offset by a 0.4 per cent decrease in the price of fuel.