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Below is a brief excerpt from a complimentary research note written by our Consumer Staples analysts Howard Penney and Daniel Biolsi. If you are an institutional investor interested in accessing our research email sales@hedgeye.com |
Food retail sales grew 11.4% in June (ACI)
June retail sales increased 7.5% month over month seasonally adjusted according to the Census Department.
On a year over year basis, retail sales grew 1.1%. Grocery store sales fell 1.6% month over month while restaurant and bar sales grew 20%. On a year over year basis, grocery store sales grew a still elevated 11.4% in June compared to 14.5% in May and 12.4% in April, as seen in the following chart.
Meat department continues to lead
The fresh perimeter of the supermarket had a strong 4th of July driven by meat and produce, but the center of the store outperformed +14%. The perimeter of the store continues to be dragged down by the bakery and deli departments.
The meat department accelerated from 16% to 18% sequentially and continues to lead the grocery departments, as seen in the following chart. The center store accelerated from 13% to 14% for the week ended July 5.
