Same-store sales fall short in July
Staff -- Home Textiles Today, 8/12/2002 12:00:00 AM
NEW YORK —
Clearly spooked by a tumbling stock market and withering retirement accounts, Americans dramatically scaled back spending during July, with same-store sales falling far short of the mark.
Clouding the July results even further, and making it all the more difficult to get a clear fix on what's going on at retail, stores were up against a tough comparison with last year, when consumers were cashing in their newly minted tax rebate checks, inflating sales for the year-before period.
Despite some firming during the last week of the month, same-store sales for all of July slipped by 0.4 percent from June levels, well short of a targeted month-over-month increase of 0.3 percent, the Redbook Retail Sales Average reported.
And up against July 2001, same-store sales moved up by 1.7 percent, well short of a targeted 2.4 percent increase.
Department store sales for July were pretty much on plan, slipping by 3.0 percent from year-ago levels, compared with a forecast decline of 2.9 percent. But discounters came up short, with a 4.4 percent increase falling short of a planned gain of 5.6 percent.
Redbook Retail Sales Average
Third week of June
|*Including chain stores and traditional department stores.
Source: Redbook Retail Sales Average, a unit of Instinet, a Reuters company.
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