This morning’s retail sales data was not strong, but did not exhibit the same weakness we’ve been seeing of late. The ICSC reported week over week sales up 0.6% while the year over year figure came in at -0.2%. The Redbook sales came in at -2.4% which is substantially better than the consecutive -4% figures we’ve been getting. Econoday reports:
Redbook, like ICSC-Goldman, reports strength in the Sep. 5 week with its year-on-year same-store sales tally at a well above-trend minus 2.4 percent. The report said discount stores did well, benefiting from promotions, though department stores reported mixed results. It noted the back-to-school is winding down for some retailers while other retailers expect the season to extend through the month.
All in all, it sounds like retail sales for this week were boosted by last minute back to school shopping. Overall, the back to school season was a disappointment and we shouldn’t be shocked to see retail sales continue to struggle in the weeks and months ahead.