1H furniture store sales up 5.8%
OTTAWA – Furniture stores had a really good first half as actual sales climbed 5.8% to $5.41 billion, according to the latest figures from Statistics Canada. Home furnishings stores turned in a similar performance, gaining 4.1% but both were outshone by electronics and appliance stores who recorded gains of 12% for the first six months of the year.
Furniture stores also had a record June, with actual sales (that is, not seasonally adjusted) pegged at preliminary $1.0 billion – 11.3% higher than the $899.0 million rung-up for June 2016. It was only the second time furniture stores had touched the $1.0 billion mark – the last time was November 2016. Furniture store sales posted gains in every month expect April during the first half.
In his analysis, retail consultant Ed Strapagiel noted furniture store sales for the trailing 12 months ending June were $11.4 billion, a new record.
It should be noted that with first half sales of $1.21 billion, Leon’s Furniture Limited has an estimated market share of 22.4%, essentially unchanged on a year-over-year basis.
Meanwhile, home furnishings stores – which sell everything from floor coverings to lamps and lighting, accent and occasional furniture, decorative accessories and wall art – enjoyed first half sales of $3.25 billion, a gain of 4.1% over the $3.12 billion sold in the same period of 2016. Sales for the month of June were $590.2 million, up 4.9% from a year ago.
Sales for the trailing 12 months were $7.1 billion.
Electronics and appliance stores rung-up first half sales of $7.33 billion – a gain of 12.0% over the comparable period. These merchants also had a strong June, with sales advancing 14.3% to $1.33 billion.
Sales for the trailing12 months were $16.2 billion.
Strapagiel pointed out the improved sales performance for the first half came from a broad variety of retailers – not just auto dealers and gasoline stations, as appears to have been the case for much of the past couple of years.
All retail stores had sales of $53.1 billion in June, a year-over-year gain of 8.7%. For the year-to-date, all retail store sales tallied $279.1 billion – an uptick of 6.9%, which has led many observers to believe that at least in the short term, Canadian consumers are going to keep spending. This should buoy growth for the overall Canadian economy in the second half of the year.
Strapagiel said e-commerce represented about 2.4% of Canadian retail sales for the 12 months ending June 2017, including both pure play operators as well as the online efforts of brick and mortar stores.
He added preliminary data suggests that for the first six months of 2017, total Canadian e-commerce sales are up 41.9% from a year ago, a much higher gain than for retail in general.
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