Retail sales suffered yet another slump in February, according to statistics released this morning.The retail sales index showed that gross sales revenue from local retailers fell 5.8 percent to an estimated $70.3 million in February with retailers of building materials and motor vehicles reported the largest sales decreases, with both sectors experiencing double-digit percentage declines during the month.Overseas purchases declared by returning residents totalled $3.5 million, a decrease of 7.9 percent. Combined local and overseas spending measured $73.8 million, 5.9 percent less than the level recorded in February last year.The report says: “After adjusting for the annual retail sales rate of inflation, measured at 3.3 percent in February, the volume of retail sales contracted by 8.8 percent.”By sector, the report says:Motor Vehicle StoresSales levels of motor vehicles plunged 26.8 percent below the level recorded in February 2010. During this period, the volume of cars sold dropped 28.6 per cent. In contrast, the quantity of bikes sold increased by 13.8 per cent.Building MaterialsA decrease in building activity in the construction industry resulted in weaker demand for building materials. Gross receipts earned by retailers of building materials fell 14.7 percent during February. This marked the nineteenth consecutive month of declining sales within the sector.Food and Liquor StoresDuring the month, food sales slipped 1.7 percent below February 2010 levels, while the price of food rose 2.7 percent. Liquor sales dropped 4.3 percent over the same period as alcohol prices climbed two percent.All Other Store TypesSales receipts within the all other store types sector were 4.2 percent less than in February 2010. Pharmaceutical sales decreased by 4.6 percent while sales of furniture, appliances, and electronics fell by 4.5 percent. In contrast, sales from tourist-related stores edged up one percent year-over-year. Gross receipts for boat and marine supplies also increased, as sales revenue was 4.8 percent higher than last year’s levels.Apparel StoresDuring February, clothing stores experienced a 3.3 percent increase in sales compared to last year. This was the second largest increase since April 2008.Service StationsSales from service stations were up 1.4 percent during the month. This was heavily influenced by a 5.7 percent rise in the cost of gasoline, as world oil prices spiked in February to the highest in two years.Resident Purchases OverseasResidents returning to the Island from business and vacation trips declared overseas purchases of $3.5 million during February 2011. This was 7.9 percent below total declarations made in 2010. This decline was largely attributed to a 3.3 percent drop in outlays for apparel and clothing accessories, which accounted for approximately half of all overseas purchases during the month.