WASHINGTON (MNI) – The following is the text of the weekly retail
sales report released by Johnson Redbook Tuesday, for the month-to-date
through the week ended July 3:
The Johnson Redbook Retail Sales Index was up 3.1% in the fifth and
final week of June following a 2.5% gain the prior week. Month-to-date,
June was up 3.0% compared to June of last year (relative to a target of
a 3.2% gain). Month-over-month showed a 0.5% drop compared to May
(relative to a targeted 0.3% drop).
Sales showed a gain over the prior week. The pickup was attributed
to the summer heat, especially across the East Coast, culminating in hot
weather over the July 4th weekend. This spurred demand for summer
merchandise and also drove consumers into air-conditioned malls and
outlets to escape the heat which in turn promoted customer traffic for
air conditioners, fans, pool and beach equipment as well as warm weather
apparel as customers are purchasing according to immediate need. Looking
ahead, July is a four-week month ending on July 31st and is typically a
relatively low volume period, with sales driven by discounting as stores
clear summer goods and restock for fall. Our preliminary target is for
year-over-year growth of 2.9% which if met would generate a 0.6% drop
against June. The July plan will be finalized in our report next week.
Stores report June sales tomorrow, July 8th and Redbook will issue the
Johnson Redbook Same-store Sales Index that morning.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MAUDS$]