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June comps miss Redbook target

New York - Same-store sales rose 2.2% year-over-year in June, failing to be the 2.9% increase projected by Johnson Redbook Retail Sales Index.
Month-over-month, comps were up 0.2%. Redbook had expected a 0.9% increase.
In the final week of June, ended June 30, comps were up 1.7% following a 1.9% gain the prior week. Comps rose 2.1% in the discount channel and 1.0% in the department store segment.
Redbook analyst Catlin Levin called the results "disappointing, though not particularly surprising, sub-performing month."
She added: "The softer week partly due to the fourth of July holiday delaying shopping as well as calendar comparisons (July 4th is on Wednesday compared to Monday last year)."
Redbook's preliminary target for July is year-over-year same-store sales growth of 2.6%. Levin noted that July sales volume tend to relatively slow and clearance-driven.

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