Retail sales down further than expected in July-Fortune-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Fortune > News Content

Retail sales down further than expected in July

8/14/2009 3:31:02 PM

Retail sales slid 5 percent in July compared with last year, and 0.6 percent compared with June. This dip was further than expected by many analysts and was substantially more than the 0.2 percent month-to-month decrease retailers saw in June.

Among the hardest hit were building materials and garden equipment stores (down 2.1 percent), department stores (down 1.6 percent) and electronics and appliance stores, which dropped 1.4 percent in sales from last month.

Food and beverage stores, and grocery stores specifically, saw a decline of 0.3 percent, while general merchandise stores were down 0.8 percent.

"There is really no positive spin to put on these numbers," Jennifer Lee, an economist with BMO Capital Markets, said in a statement. "The U.S. consumer remains very weak. The jobs situation, while slowly improving, is still dismal."

The numbers were particularly disappointing since economists had expected a rise in total sales (including gas stations, automobiles and restaurants) of about 0.7 percent.

A bright spot was sales for health and personal care stores, which were up 0.7 percent.

Clothing and clothing accessories stores also saw an increase of 0.6 percent, perhaps reflecting a slight bump from back-to-school purchases.

Still, the NRF forecasts that back-to-school purchases might be delayed until later in the summer or are being curtailed.

"Many families postponed the bulk of their back-to-school shopping this year, possibly waiting to take advantage of their state sales-tax holiday or hoping for additional discounts," said Rosalind Wells, NRF chief economist, in a statement.

The NRF's report draws on the U.S. Commerce Department's data (excluding automobiles, gas stations and restaurants).

"Hopefully, retailers' aggressive promotions and reduced inventory levels will make for a better August and shield retailers from a disappointing season," said Wells.

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