High demand is causing retailers to hit record profits amid supply chain shortages: B. Riley’s Anderson
The value of receipts rose 2.1 per cent in August, according to preliminary results provided by Statistics Canada on Thursday in Ottawa. That more than offset a 0.6 per cent decline in July. Retail sales are still below the record monthly total reached in March, but are well ahead of pre-pandemic levels.
August retail sales were at about $57 billion (US$45 billion), according to Bloomberg calculations. That compares to an average monthly total of $55.2 billion between April and July for retailers, when sales stalled.
Some economists suggested the spending pause over the summer was due to reopenings that shifted consumer activity toward services businesses like restaurants and gyms.