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FEB RET SALES +1.2% M/M, -9.0% Y/Y; JAN -6.5% M/M
- German retail sales rebounded to 1.2% in Feb, following a downward revised reading for Jan (-2.0pp), but still fell short of market expectations.
- This marks the first increase after two consecutive months of decline, however retail sales remain 9.0% below their pre-pandemic level.
- Destatis noted that retail sales differed significantly across sectors, depending on the impact of the restrictions.
- While food, beverages and tobacco sales fell by 1.6% y/y, non-food product sales dropped by 13.8% y/y.
- Among non-food products, clothing and footwear saw the largest annual decline of 73.7%, while online sales surged by 34.1% compared to Feb 2020.