Same-store sales slow in last week of January
February 6, 2002,
New York -- In a strong signal that consumers may be maxed out after the holiday's strong promotions, and growing antsy once again as layoffs continue to rise, same-store retail continued to slow moving into the fourth and final week of the month, according to the widely watched Redbook Report.
Still stunted by weakness in department stores, same-store sales edged up by 1.3 percent during the final week of the month, losing much of their energy after a strong start to the month, with a 1.9 percent bump-up in sales.
The performance gap continued to widen between the discounters and department stores as it has for more than a year and a half. Sales at the nation's low-price discounters climbed by 5.0 percent during the closing month of the week, while high-margin department stores declined by 4.5 percent. For the entire month, discounters gained by 4.9 percent, well ahead of a targeted gain of 4.2 percent. But department stores continued to stumble, declining by 3.8 percent, substantially missing a more modest targeted drop of 2.7 percent.
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