logo
  

Decline In German Retail Sales Exceeds Expectations

Germany's retail sales declined more than expected in October as high inflation eroded the purchasing power of consumers, data published by Destatis revealed on Thursday.

Retail sales declined 2.8 percent from September, when turnover was up 1.2 percent. Sales were forecast to fall moderately by 0.6 percent.

Retail trade in grocery shops were down 1.2 percent and that in non-food stores decreased 4.5 percent.

On a yearly basis, retail sales decreased 5.0 percent in October, which was also bigger than economists' forecast of -2.8 percent.

In nominal terms, retail sales dropped 1.7 percent on month but expanded 6.2 percent from the same period last year.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
French drug major Sanofi SA reported Friday higher profit in its fourth quarter with strong revenue growth mainly with strong sales of Dupixent. Looking ahead for fiscal 2023, the company projects higher business earnings, but the expected growth is slower than recorded in fiscal 2022. Sanofi shares were losing around 4 percent in the morning trading in Paris as well as in pre-market activity... Chinese electric vehicle manufacturer Xpeng announced the launch of its two latest smart EV models for a number of European markets. Xpeng G9 flagship SUV, and the new P7 sports sedan are now available for order in Denmark, Norway, the Netherlands, and Sweden. Both models are on show at eCar Expo 2023 in Stockholm from February 3 to 5. Herndon, Virginia- based Shop Me Ca is recalling its 10-gram tubes of "Diep Bao Cream" citing the potential to be contaminated with lead, the U.S. Food Drug Administration said. Diep Bao Cream was sold nationwide through Shop Me Ca's Facebook page and certain Vietnamese Moms' Facebook groups, which are not associated with Shop Me Ca.
Follow RTT