Holidays Help Same-Store Sales
February 28, 2005-- Home Textiles Today,
Getting a big lift from two holiday events, Valentine's Day and President's Day, same-store retail sales advanced 2.9 during the third week of February, improving on a 2 percent increase the week before, the Johnson Redbook Index reported.
Helped by the two sales events, sales for the three weeks month to date came in slightly ahead of plan, rising by 2.4 percent, compared with a targeted increase of 2.3 percent. In something of a rebound, department store sales climbed higher by 1 percent, well ahead of a modest 0.2 percent increase posted the week before. Discounters bounded back as well, sales rising by 4.2 percent during the week, ahead of a 3.2 percent gain the preceding week.
“Most retailers said sales for the week were generally satisfactory, and most indicated they were trending on or ahead of plan month-to-date,” said Redbook analyst Catlin Levis. “Sales in the week were influenced by spring promotions, Valentine's Day and the holiday weekend. Like other secular celebrations, Valentine's Day continues to grow in importance. However, the big boost, especially for department stores, came from President's Day sales, with most stores reporting business that was on or above-plan, which offered additional opportunities to clear remaining winter inventories. Others reported that Valentine's Day business had surpassed expectations, driving sales of related merchandise.”
Johnson Redbook Retail Sales Index
Third week of February
|*Including chain stores and traditional department stores.
Source: Johnson Redbook Index.