Retail sales plunge to six-year low
Retailers continue to suffer from a shrinking volume of business as monthly gross sales hit a new six-year low in February.The Retail Sales Index, published by the Department of Statistics yesterday, showed that total sales for February were $70.3 million, 5.8 percent lower than in the same month a year ago.This was the lowest total since February 2005, when gross sales totalled $66.95 million.Retail sales volume, which takes the impact of inflation into account, fell by 8.8 percent - the 34th successive month it has registered a year-on-year decline.Double-digit percentage slumps in sales in the building materials and motor vehicles sectors contributed heavily to the fall.Sales at motor vehicles stores plummeted by 26.8 percent year on year, but bike sales rose 13.8 percent while car sales plunged 28.6 percent.The ongoing sharp decrease in construction activity was reflected by a 14.7 percent decline in receipts at building materials stores. This was the sector’s 19th consecutive month of declining sales.Food sales fell for the fourth time in five months and were 1.7 percent below February 2010 levels, despite the fact that food prices rose 2.7 percent over the same period. Liquor sales fell 4.3 percent, despite a price rise of two percent.Apparel stores, however, bucked the trend, seeing sales rise 3.3 percent from February last year, the second largest increase for the sector since April 2008.Service stations also enjoyed a 1.4 percent sales rise, mainly the result of a 5.7 percent increase in the price of gasoline. World crude oil prices hit a two-year high in February.Overseas purchases declared by returning residents at the airport plunged by 7.9 percent to $3.5 million, the first time this number has fallen since September.There were 24 shopping days in February 2011, the same as in February 2010.