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Denmark Retail Sales Decline In February

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Denmark’s retail sales declined in February, after rising in the previous month, as consumer confidence eroded sharply amid the Russia-Ukraine war.

Retail sales fell a seasonally adjusted 1.2 percent month-on-month in February, after a 5.0 percent growth in January, figures from Statistics Denmark showed on Friday. Sales declined in November and December.

The latest decline was led by a 1.5 percent fall in sales of other consumables and a 2.0 percent drop in food and grocery sales.

Meanwhile, sales of clothing and other goods grew 5.1 percent.

The statistical office said the decline in sales was in sync with the deterioration in consumer confidence in the backdrop of the Russia-Ukraine war.

Earlier, data showed that consumer confidence sunk to its lowest level since October 2008 in March as expectations on the economic outlook were hurt by the war.

On an annual basis, retail sales increased 2.5 percent in February, after an 8.3 percent rise in the previous month. Sales rose for a second straight month.

For the December to February period, retail sales gained 2.8 percent annually, but fell 4.1 percent quarterly.

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