June sales short of the mark
July 8, 2003,
New York — Same-store retail sales advanced by 0.9 percent over year-ago levels during the fifth and final week of June but were skewed toward basic, commodity items, and sales for all of June came in slightly below plan.
After putting up relatively strong gains earlier during the month, sales started to cool during the past two weeks, the Redbook Retail Sales Average reported. After a solid 1.8 percent increase in the third week of June, sales growth slowed to a 1.0 percent gain during the fourth week, and slowed again to the 0.9 percent in the closing week of June.
Sales at department stores continued to be softer. At discount stores, consumers are continuing to focus on more basic items such as food, health and beauty aids as well as pet supplies.
"Retail managers reported an increasing need to offer bargains to bring consumers into their stores," said Redbook analyst Catlin Levis. "July, typically a clearance month, will provide an indication of how well individual retailers have managed to move excess summer inventory in this promotional retail environment."
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