Tuesday, July 29th17.5°C
21450

Statistics Canada says bad weather hurts retail sales in December

Most retail stores, which generally see higher traffic during the Christmas shopping period, reported an overall decline in sales for December amid the frigid and stormy weather, the agency said.

A massive ice storm hit southern Ontario in the days leading up to Christmas, while the eastern provinces suffered their own unseasonably bad weather and power outages.

Excluding auto sales, retail sales were down 1.4 per cent.

Retail sales were down in all the provinces, with Ontario posting a 2.2 per cent decline. Sales in British Columbia were down 2.1 per cent, while Quebec slipped 1.2 per cent. Sales in Nova Scotia were down 3.5 per cent, the biggest drop among the Atlantic provinces.

BMO Capital Markets analyst said the sharp decline across every province suggested there were other reasons for the weakness besides weather.

"Another factor could be that more aggressive Black Friday sales pulled some activity into November," he wrote in a note.

"This all but assures that the impressive five-month run for the Canadian economy through November came to a screeching halt in the final month of 2013."

Electronics and appliances stores saw a drop of 13.1 per cent in December compared with gains of 3.5 per cent and 6.8 per cent in October and November, respectively.

Sales at sporting goods, hobby, book and music stores were down 4.0 per cent, while sales at clothing and accessories stores dropped 2.2 per cent. Furniture and home furnishing stores saw a 7.8 per cent decline.

Since January, the financial results of several retailers have foreshadowed lacklustre retail sales figures.

Women's apparel retailer Reitmans (Canada) Ltd. (TSX:RET.A) said holiday sales fell 5.3 per cent for the five weeks ended Jan. 4, while the U.S. parent company of department store retailer Sears Canada Inc. (TSX:SCC) said its Canadian sales were down 4.4 per cent.

Target Corp. warned that poor sales at its Canadian stores caused it to slash prices. The U.S. retailer now anticipates a deeper loss of about 45 cents US per share for the quarter, more than the loss of 22 cents to 32 cents US it had previously projected.

Both Sears Canada and Target Corp. report their quarterly financial results on Wednesday.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15445.22-9.82
S&P CDNX1019.852.41
DJIA16982.5922.02
Nasdaq4444.909-4.655
S&P 5001978.91+0.57
CDN Dollar0.9251-0.0009
Gold1310.00+6.70
Oil101.61-0.06
Lumber321.20-1.80
Natural Gas3.74-0.007

 
Okanagan Companies
Pacific Safety0.195+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.150.00
Cantex0.065-0.005
Anavex Life Sciences0.265-0.01
Metalex Ventures0.08+0.01
Russel Metals35.15-0.21
Copper Mountain Mining2.97+0.15
Colorado Resources0.225+0.015
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.02-0.03
Mission Ready Services0.19+0.01

 



22563

FEATURED Property
2029261#130-133 Wyndham Cres
5 bedrooms 3 baths
$349,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council


22581