Retailers Shy of June Comp Goals
July 14, 2008-- Home Textiles Today,
Discounters drove hard going into the Fourth of July, but still fell short of their June same-store sales goal of 5.9%, with a fifth-week comp gain of 6.3% bringing the gain for the month to 5.5%, the Johnson Redbook reported.
Department stores saw their comp pace falter to a 2.7% drop, and finished the month just under the target of a 2.4% comp drop.
Month-over-month comps overall were 0.5% below May, compared to a target of a 0.3% drop.
"The Independence Day holiday weekend and associated sales promotions in addition to demand for seasonal goods drove the pickup in customer traffic and sales for the week," said Redbook analyst Catlin Levis. "Seasonal sales were active in most store formats and across hard and soft lines as consumers stepped up demand for items ranging from air conditioners to summer apparel."
"At discount stores, consumers continue to focus on more basic items, such as food and consumables as well as pet supplies," said Levis.
"Looking ahead, July is a four-week month ending on Aug. 2 and is typically a relatively low-volume period with sales driven by discounting, as stores clear summer goods and restock for the fall," Levis observed. "Our preliminary target is for year-over-year growth of 1.9% which if met would generate 0.4% growth against June."
Johnson Redbook Index
Fifth week of June, year-over-year % change
|*Including chain stores and traditional department stores
Source: Johnson Redbook Index