Americas Retail Retail sales above consensus in August

Equity Research 16 September 2026 | 10:03AM EDT

Americas Retail: Retail sales above consensus in August; July restated slightly higher

n Headline retail sales were up +1.2% sequentially in August, above GS estimate of Kate McShane, CFA | +0.6% and consensus (Reuters) expectations of +0.8%. This compares to -0.5% Goldman Sachs & Co. LLC in July vs. -0.6% before restatement. Mark Jordan, CFA | n On a y/y basis, retail sales grew +6.0% in Aug’26 vs. +4.7% in Aug’25, above Goldman Sachs & Co. LLC +5.0% in Jul’26; the 2-year stack was +10.7% in August compared to +9.2% in Emily Ghosh July. | Goldman Sachs & Co. LLC n Core retail sales in Aug’26 increased by +6.7% y/y, vs. +5.3% in Aug’25, above +5.5% in Jul’26 (vs. +5.6% before restatement); on a 2-year stacked basis, sales Nishi Agarwal | growth was +12.1% in August, compared to +10.4% in July. Goldman Sachs India SPL

Grace Chee Of the 15 categories, 11 categories accelerated on a y/y basis compared to last | Goldman Sachs & Co. LLC month including miscellaneous, home furnishings, gas stations, consumer electronics, non store, health and personal, sporting goods, general merchandise, Samantha Chiang | auto parts, food services, and motor vehicle and parts. On a two-year stack, 14 of Goldman Sachs & Co. LLC the 15 categories accelerated on a y/y basis compared to last month, with DIY being the only category that saw deceleration. On a two-year stack, the category that experienced the most improvement sequentially was gas stations (+19.8% in August vs. +15.1% in July).

n Auto parts y/y sales increased by +7.3% in August compared to +6.7% in July. On a month-over-month basis, sales increased by +1.4%. On a two-year basis, sales growth accelerated to +9.1% y/y from +7.5% y/y in July. n Apparel y/y sales increased by +4.3% in August vs. +4.5% in July. On a month-over-month basis, sales were +0.7%. On a two-year basis, sales growth accelerated to +13.2% y/y from +11.1% y/y in July. n Building material & garden y/y sales increased by +5.1% in August compared to +6.0% in July. On a month-over-month basis, sales were -0.2%. On a two-year basis, sales growth decelerated to +3.3% y/y from +3.6% y/y in July. n Department stores y/y sales increased by +1.9% in August vs. +2.4% in July. On a month-over-month basis, sales were -0.8%. On a two-year basis, sales growth accelerated to +1.8% y/y from +1.5% y/y in July. n Electronics & appliances y/y sales increased by +7.8% in August vs. +5.5% in July. On a month-over-month basis, sales increased by +1.6%. On a two-year basis, sales growth accelerated to +10.5% y/y vs. +6.6% y/y in July.

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n Food & beverage y/y sales growth increased by +0.5% in August, flattish vs. July. On a month-over-month basis, sales increased by +0.4%. On a two-year basis, sales growth accelerated to +3.7% y/y from +2.7% y/y in July. n Food services y/y sales increased by +5.8% in August vs. +5.2% in July. On a month-over-month basis, sales were +1.2%. On a two-year basis, sales growth accelerated to +12.1% y/y from +11.3% y/y in July. n Furniture and home furnishing y/y sales growth increased by +1.9% in August compared to -2.7% in July. On a month-over-month basis, sales increased by +0.9%. On a two-year basis, sales growth accelerated to +2.3% y/y from +2.1% y/y in July. n Gas station y/y sales increased by +21.0% in August vs. +17.1% in July. On a month-over-month basis, sales were +3.1%. On a two-year basis, sales growth accelerated to +19.8% y/y from +15.1% y/y in July. n General merchandise y/y sales increased by +4.5% in August vs. +3.7% in July. On a month-over-month basis, sales were +0.7%. On a two-year basis, sales growth accelerated to +6.7%…