February same-store sales ahead of target
February 27, 2007-- Home Textiles Today,
New York– Same-store sales continue to track ahead of goals for February, the Johnson Redbook Index reported today.
The service said retailers logged a 3.0% increase in the third week, beating the 2.9% comp gain in the second week, and yielding a month-to-date rise of 2.8% over February 2006, above the target of a 2.7% gain.
Redbook analyst Catlin Levis said, “President's Day sales at the beginning of the week offered additional opportunities to clear remaining winter inventories. Most schools and offices were closed on Monday and mild weather in many parts of the country drove demand for seasonal apparel and other spring goods, which varied by region and tended to be stronger in the warmer parts of the country. However, many retailers in colder regions also reported improved seasonal business, especially in women's categories suggesting preemptive buying by certain consumers.”
Levis added, “February is a typical transition month and is characterized by volatility and small sales volumes, lacking strong merchandise themes. Business was driven by pricing and promotional activity as is usually the case. The pattern can be particularly evident at department stores.”
So far this month discounters and department stores have each made a 2.8% gain, Redbook said. February is a four-week month on the retail calendar, ending March 3.
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