eCommerce: April Non-Store Retail Sales

Research evidence excerpt

eCommerce: April Non-Store Retail Sales

May 14, 2026

April Retail Sales Data

Earlier this morning, the U.S. Census Bureau reported April’s Non-store retail sales growth of +11.1% Y/Y vs.

March’s +10.6% Y/Y on a 234bps tougher comp (Exhibit 1). On a M/M basis, Non-store retail sales grew +1.1%

in April, an acceleration from +0.8% M/M in March. Non-store penetration, a close proxy for eCommerce

penetration, grew 153bps Y/Y in April to 30.2% (of retail ex. restaurants, auto & gas), a new high watermark and

slightly above March’s 30.0% level (Exhibit 2). At a high level, we are encouraged to see resilient non-store sales

growth, solid penetration gains, and stronger broader retail sales with total retail growing +0.5% M/M.

EXHIBIT 1: US Non-Store Retail Sales Growth (% EXHIBIT 2: US Non-Store Retail Sales Penetration

Y/Y) (% of Retail ex. restaurants, auto & gas)

Note: Figures shown represent seasonally adjusted estimates Note: Figures shown represent seasonally adjusted estimates

Source: Wolfe Research, US Census Bureau Source: Wolfe Research, US Census Bureau

Digging one layer deeper, we analyze particular categories that are most relevant to our coverage, specifically

eCommerce companies. Home furnishings, which has shown persistent growth recovery following sustained

pressure in 2024, declined to -3.6% Y/Y in April vs. -0.9% Y/Y in March on a 56bps easier comp (Exhibit 3). On

a M/M basis, Home Furnishings declined -2.0% in April vs. +2.6% in March. Elsewhere, Apparel which is a major

eCommerce category, grew +5.5% Y/Y in April, a deceleration from +7.4% in March on a 264bps easier comp

(Exhibit 4). On a M/M basis, Apparel declined -1.5% in April vs. +0.5% M/M in March.

EXHIBIT 3: Home Furnishings Retail Sales Growth EXHIBIT 4: Apparel Retail Sales Growth (% Y/Y)