WASHINGTON (MNI) – The following is the text of the weekly retail
sales report released by Johnson Redbook Tuesday, for the month-to-date
through the week-ended Mar. 26:
The Johnson Redbook Retail Sales Index was up 2.6% in the fourth
week of March following a 2.4% gain the prior week. Month-to-date, March
is up 2.3% compared to March of last year (relative to a target of a
2.5% gain). Month-over-month showed a 0.3% drop compared to February
(relative to a flat target). March is a five-week month on the retail
calendar, ending on April 2nd.
Our model as a whole remains below target with one more week to run
in the month. By format, discount stores were somewhat ahead of plan
month-to-date, while department stores were below plan. Consumers began
spending for spring, which officially began on March 20th. Students on
spring break during this period also helped to give sales and traffic an
extra boost. In the coming weeks retailers are hoping that extra cash
from income tax refunds will spark sales while some worried about
continuing rising oil prices stalling consumer spending. Meanwhile,
comparisons related to the Easter shift are becoming tougher next week
as stores begin to go against last year’s pre-Easter week, when most
Easter related shopping is typically done.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MAUDS$]
