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Canada retail sales rise in July but miss expectations

Canadian retail sales rose 0.4% in July, the first rise in three months, but missed market expectations, following a revised contraction of 0.1% in June, according to Statistics Canada.

Sales fell short of the Econoday consensus estimate of a boost of 0.5%.

In current Canadian dollar terms, sales grew to C$51.5 billion in July from C$51.3 billion in June, as six out of 11 subsectors reported gains.

Motor vehicles and parts dealers, bolstered by high sales of new cars, led the growth with a rise of 1.5%, their most robust gain since February.

Both health and personal care retailers and food and beverage stores saw their fifth expansion in six months, rising 2.6% and 0.6% respectively. A 14.3% stimulus pushed cannabis store sales beyond C$100 million for the first time and fueled the 1.7% rise for miscellaneous store retailers.

Sales at gasoline stations edged up 0.3% after declining 3.7% in June following higher prices, while building materials, garden equipment and supplies dealers registered a decrease of 3.2% after accelerating 5.0% in June.