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 May 22:
The Johnson Redbook Retail Sales Index was up 2.0% in the third
week of May following a 2.9% gain the prior week. Month-to-date, May was
up 2.8% compared to May of last year (relative to a target of a 3.0%
gain). Month-over-month showed a 0.3% gain compared to April (relative
to a targeted 0.6% gain). May is a four-week month on the retail
calendar ending on May 29th.
Sales were slower during the third week of May, dragging
month-to-date performance behind May’s target. Two themes worked against
retailers during the week: cold in the West as well as heavy rain and
flooding in parts of the Midwest region suppressed volume in seasonal
business of both hard lines and soft lines; the other factor was unfair
competition with last year’s pre-Memorial Day sales, which fell a week
earlier in the calendar last year. The majority of retailers reported an
improvement in first quarter results, but were still cautious on their
outlook amid high unemployment and inflation pressure. Some discounters
already have started to markdown to attract consumers who remain focused
on value.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MAUDS$]