The Swiss retail sector experienced an unexpected downturn in February, following a period of recovery in January, according to data released by the Federal Statistical Office. Specifically, when adjusted for sales days and holidays, there was a 0.2% decrease year-on-year, contrasting with a 0.3% increase recorded in January. This falls short of economists' projections of a 0.4% increase.
Sales of food, beverages, and tobacco decreased by 0.4% annually, whereas non-food items increased by 1.1%. Furthermore, when excluding service stations, retail sales saw a marginal increase of 0.2% compared to the previous year.
On a month-by-month basis, February's retail sales experienced a seasonally adjusted drop of 0.4%, marking a reversal from the 0.7% rise observed in the preceding month. In nominal terms, there was a 0.4% annual decrease in retail sales and a 0.2% decline compared to the previous month.
