Retail Sales Up 0.5% with Gas Prices 2.8% Higher Pressuring Whirlpool Costs
US retail sales rose 0.5% in April following a revised 1.6% gain in March, with gas station receipts up 2.8% as gasoline prices hit their highest levels since 2022. Whirlpool cited these inflationary pressures—driven by higher energy and food costs tied to the Iran war—as a headwind to its profit margins.
1. April Retail Sales Rise 0.5%
US retail sales climbed 0.5% in April, marking the third consecutive monthly increase after a revised 1.6% gain in March. Nine of 13 categories posted gains, with electronics, sporting goods and online merchants leading growth.
2. Gasoline and Grocery Costs Surge
Gas station receipts jumped 2.8% as gasoline prices reached their highest level since 2022, while grocery spending rose sharply reflecting elevated food costs. Excluding gas stations, retail sales gained just 0.3%, the weakest increase in three months.
3. Whirlpool Highlights Margin Pressures
Whirlpool attributed rising energy and food costs—exacerbated by the war in Iran—to higher cost-of-living pressures on consumers. The company warned these inflationary headwinds could weigh on appliance demand and squeeze profit margins in upcoming quarters.