Americas Retail Retail sales below consensus in July

Equity Research 14 August 2026 | 10:46AM EDT

Americas Retail: Retail sales below consensus in July; June restated in line

n Headline retail sales were down -0.6% sequentially in July, below the GS estimate Kate McShane, CFA | of -0.1% and consensus (Reuters) expectations of +0.1%. This compares to Goldman Sachs & Co. LLC +0.2% in June vs. +0.2% before restatement. Mark Jordan, CFA | n On a y/y basis, retail sales grew +5.0% in Jul’26 vs. +4.1% in Jul’25, below +6.8% Goldman Sachs & Co. LLC in Jun’26 (vs. +6.7% before restatement); the 2-year stack was +9.1% in July Emily Ghosh compared to +10.7% in June. | Goldman Sachs & Co. LLC n Core retail sales in Jul’26 increased by +5.6% y/y, vs. +4.8% in Jul’25, below +7.2% in Jun’26 (vs. +7.4% before restatement); on a 2-year stacked basis, sales Nishi Agarwal | growth was +10.4% in July, compared to +11.2% in June. Goldman Sachs India SPL

Grace Chee Of the 15 categories, 6 categories accelerated on a y/y basis compared to last month | Goldman Sachs & Co. LLC including DIY, Auto Parts, Clothing Accessories, Food Services, General Merchandise, and Health & Personal. On a two-year stack, of the 15 categories, 5 accelerated on a Samantha Chiang | y/y basis compared to last month including Auto Parts, Sporting Goods/Hobby, Goldman Sachs & Co. LLC Clothing Accessories, Department Stores, and Miscellaneous. On a two-year stack, the category which experienced the most improvement sequentially was Sporting Goods/Hobby (+14.7% in July vs. +12.9% in June).

n Auto parts y/y sales increased by +7.1% in July compared to +5.2% in June. On a month-over-month basis, sales increased by +1.2%. On a two-year basis, sales growth accelerated to +7.6% y/y from +6.2% y/y in June. n Apparel y/y sales increased by +5.0% in July from +4.3% in June. On a month-over-month basis, sales were +1.9%. On a two-year basis, sales growth accelerated to +11.7% y/y from +9.8% y/y in June. n Building material & garden y/y sales increased by +6.7% in July from +5.5% in June. On a month-over-month basis, sales were +0.3%. On a two-year basis, sales growth decelerated to +4.2% y/y from +5.1% y/y in June. n Department stores y/y sales increased by +2.5% in July vs. +3.7% in June. On a month-over-month basis, sales were +0.1%. On a two-year basis, sales growth accelerated to +1.7% y/y from +0.2% y/y in June. n Electronics & appliances y/y sales increased by +4.7% in July vs. +7.0% in June. On a month-over-month basis, sales decreased by -0.5%. On a two-year basis, sales growth decelerated to +5.8% y/y vs. +6.8% y/y in June.

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n Food & beverage y/y sales growth increased by +0.9% in July compared to +1.1% in June. On a month-over-month basis, sales were flat. On a two-year basis, sales growth decelerated to +3.1% y/y from +3.8% y/y in June. n Food services y/y sales increased by +5.0% in July vs. +4.4% in June. On a month-over-month basis, sales were +0.5%. On a two-year basis, sales growth decelerated to +11.0% y/y from +11.1% y/y in June. n Furniture and home furnishing y/y sales growth decreased by -1.2% in July compared to -0.2% in June. On a month-over-month basis, sales increased by +0.3%. On a two-year basis, sales growth decelerated to +2.5% y/y from +2.9% y/y in June. n Gas station y/y sales increased by +16.2% in July vs. +19.1% in June. On a month-over-month basis, sales were -0.9%. On a two-year basis, sales growth decelerated to +14.0% y/y from +15.5% y/y in June. n General merchandise y/y sales increased by +3.7% in July vs. +3.6% in June. On a month-over-month basis, sales were +0.3%. On a two-year basis, sales growth decelerated to +5.4% y/y for July from +6.0% y/y in June. n Health &…