Early August Comps Look Decent
August 20, 2007-- Home Textiles Today,
Tax holidays and some early back-to-school shopping gave sales a lift during the first week of August. The Johnson Redbook Index posting an aggregate comp of 2.3% for the week ended Aug. 11, slightly ahead of the 2.1% target.
"Sales were helped modestly by the back-to-school state tax holiday in Alabama, the District of Columbia, Georgia, Florida, Missouri, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee and Virginia," Redbook reported.
Redbook concluded that back-to-school sales have not yet had a significant impact, but are expected to grow as the month continues. Elsewhere, activity was sustained by non-seasonal categories, including consumer basics and household goods, Redbook reported.
"For August, some retailers will have a negative effect on the calendar shift, thereby bolstering July sales and dragging down August sales," the survey noted. On a month-over-month basis, comps so far a relatively flat — down by 0.6%.
For the week, both department stores and discounters exceeded their targets. Department stores eked a target comp gain of 0.3% with a 0.5% performance. Discounters rang up a comp gain of 3.5%, ahead of the targeted 3.2%.
Johnson Redbook Index
First week of August, year-over-year % change
|*Including chain stores and traditional department stores
Source: Johnson Redbook Index