WASHINGTON (MNI) – The following is the text of the weekly retail
sales report released by Johnson Redbook Wednesday, for the
month-to-date through the week-ended July 23:
The Johnson Redbook Retail Sales Index was up 3.5% in the third
week of July following a 3.8% gain the prior week. Month-to-date, July
was up 4.2% compared to July of last year (relative to a target of a
4.4% gain). Month-over-month showed a 0.6% drop compared to June
(relative to a target of a 0.4% drop). July is a four-week month on the
retail calendar ending on July 30th.
Retailers are continuing to focus on clearing summer goods and
bringing in back-to-school merchandise. Sales of big-ticket items
including air conditioners and fans were brisk for stores that feature
this type of merchandise. Back-to-school items have been arriving in
stores in recent weeks. Back-to-school activity appears to be on target
so far, although its impact will be easier to assess next month. Others
reported that sluggish business and unmotivated consumers suggested
little more than the usual mid-July doldrums. Retailers hope that by
mid-August sixteen states participating in tax-free holidays, along with
back-to-school demand, will motivate consumers to jumpstart spending
more, including those items which are not exempt from sales tax.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MAUDS$]
