June Comps Miss Redbook Target

Home Textiles Today Staff -- Home Textiles Today, 7/9/2012 2:00:00 AM

NEW YORK - Same-store sales rose 2.2% year-over year in June, failing to hit the 2.9% increase projected by Johnson Redbook Retail Sales Index.
     Month-over-month, comps were up 0.2%. Redbook had expected a 0.9% increase. In the final week of June, ended June 30, comps were up 1.7% following a 1.9% gain the prior week. Redbook analyst Catlin Levin called the results "disappointing, though not particularly surprising, sub-performing month." She added: "The softer week partly due to the fourth of July holiday delaying shopping as well as calendar comparisons (July 4 is on Wednesday compared to Monday last year)."Redbook's preliminary target for July is year-over-year same-store sales growth of 2.6%. Levin noted that July sales volume tend to relatively slow and clearance-driven.