After two strong weeks, sales slump
By Staff -- Home Textiles Today, 6/21/2004 12:00:00 AM
NEW YORK —
Hurt by a shift in the calendar for the Father's Day sales event, same-store retail sales cooled off modestly during the second week of June following two straight weeks of strong results, the Johnson Redbook Average reported.
Sales advanced by 4.8 percent from year-ago levels, following a stronger 5.1 percent advance during the first week of June.
For the two weeks month to date, sales are up 5 percent, slightly off a target of a 5.1 percent increase. Measured on a month-over-month basis, sales for the first two weeks of June are up 0.5 percent, compared with a target of 0.6 percent.
"The slight pullback in the second week of June after two weeks of back-to-back gains seemed to spell an unfavorable comparison on the Father's Day calendar," said Redbook analyst Catlin Levis. "With Father's Day falling one week later than last year, this is expected to create a delayed effect where sales related to the event lag for the week and then catch up next week."
Some retailers, Levis noted, "reported reduced traffic, especially in the Midwest region. Not surprisingly, several retailers reported poor results in men's apparel. Seasonal and fashion merchandise in general under-performed basic goods. Discount stores did best in food and household goods as well as in consumer durables."
While softening modestly from the week before, business in the nation's department stores remained resilient, bounding back from a long string of declines. Sales in the full-price channel moved up 2.9 percent, following a 3.3 percent increase the preceding week.
For the two weeks month to date, sales in department stores rose 3.1 percent, just shy of a target of 3.2 percent. Mass merchant sales advanced by 6 percent, off their 6.4 percent pace the week before. Month to date, discounter sales rose by 6.2 percent, missing a target of 6.3 percent.
Johnson Redbook Retail Sales Index
Second week of June
|*Including chain stores and traditional department stores.
Source: Johnson Redbook Index
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