Same-store sales still slow in May
Staff -- Home Textiles Today, 6/3/2002 12:00:00 AM
NEW YORK —
With soggy weather throughout much of the nation depressing sales of warm-weather seasonal merchandise — like apparel, outdoor goods and home improvement merchandise — same-store retail sales remained softer than hoped for during the third week of May and are heading toward an under-plan performance for the entire month.
The Redbook Retail Sales Average recorded a gain in same-store sales of 1.4 percent during the week, well behind the 2.1 percent increase recorded the prior week and the 1.7 percent gain during the first week of May.
For the three weeks month-to-date, sales increased by 1.7 percent over year-ago levels, falling short of the 2.4 percent targeted sales gain. Sales for the three-week period came in 0.5 percent behind April numbers, compared with a forecast gain of 0.2 percent.
"Most companies were below plan for the third week," said Redbook analyst Catlin Levis. "The weakness held back the averages and left our overall model further below its May target with one week to run. Unless the final week is unusually strong, and there are no technical or calendar reasons why it should be, the month seems set to end below plan."
Retailers "once again blamed the weather for the soft tone," Levis noted. "Indeed, stormy and rainy weather continued to linger in many regions, especially the Midwest and Northwest, suppressing volume in seasonal business of both hardlines and softlines, including outdoor goods, home improvement, sporting goods and apparel."
Seasonal issues aside, said Levis, "some retailers said consistency in sales of food, health and beauty aids and consumables remained firm."
Redbook Retail Sales Average
Third week of May
|*Including chain stores and traditional department stores.
Source: Redbook Retail Sales Average, a unit of Instinet, a Reuters company.
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