September’s retail sales shaped up largely as expected, falling 0.7% M/M on a 0.8% drop in volumes.

Results were anchored by a ~4% decline in vehicle sales, which dragged down the group on an absolute basis - more than offsetting stronger fuel & food sales…

… and driving provincial results, with Ontario and Quebec weighing on the print. BC was weak too, driven by lower sales at building material dealers.

We should see more of the same in October, with preliminary estimates calling for stabilization at current levels.

About Bullpen: Bullpen Finance Inc. publishes content on Canadian markets and provides paid research coverage of select Canadian issuers. Bullpen is paid in cash by covered issuers, does not accept stock or options, does not hold positions in covered securities, and does not conduct investment banking business. Bullpen and LodeRock Advisors Inc. are affiliated; LodeRock provides investor relations services to issuers, some of whom are covered by Bullpen Research. When a post discusses a covered issuer, a specific disclosure appears at the top of the post. This post is published for general information purposes. It is not personalized investment advice and is not tailored to any individual reader’s circumstances. Bullpen is not a registered investment adviser or dealer. For full disclosures, including analyst certification, jurisdictional statements, and conflict of interest policies, please see our Legal & Disclosures section on our website.

You might be interested in…