Improvements in the U.S. economy bolstered retailer’s February sales, reflecting improved consumer sentiment as it relates to spending, according to the National Retail Federation.
Retail industry sales (which exclude automobiles, gas stations, and restaurants) for February 0.6 percent seasonally adjusted from January and 4.2 percent unadjusted year-over-year, NRF said.
“Retailers have done a commendable job keeping their inventory levels where they need to be, while still offering attractive promotions for those who are eager to spend,” said Matthew Shay NRF president and CEO. “The big challenge retailers will face in the coming months, however, will be going head to head with high cotton, food and energy prices.”
“February retail sales are in sync with evidence of the expanding economy,” added Jack Kleinhenz NRF chief economist. “While February is typically a slow month for retailers, consumers showed their spending power, though it’s too soon to tell what type of impact the spike in gasoline prices will have on consumers this spring.”
February retail sales released today by the U.S. Department of Commerce show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) increased 1 percent seasonally adjusted over January and 9.1 percent unadjusted year-over-year.
Clothing and clothing accessory stores sales increased 0.8 percent seasonally adjusted month-to-month and improved 4.4 percent unadjusted year-over-year. Department stores showed strength with a gain of 1 percent over January but saw a decline of 1.4 percent unadjusted year-over-year.
Sales at building material, garden equipment and supplies dealers, a sector hit hard by the collapsed housing market, rose 0.6 percent seasonally adjusted from January and 9.6 percent unadjusted over last year. Sporting goods, hobby, book and music stores sales increased 1.3 percent seasonally adjusted month-to-month and 5.2 percent unadjusted year-over-year.
Sales at health and personal care stores slowed from the previous month, decreasing 0.3 percent adjusted from January, but grew 5.2 percent unadjusted year-over-year. The opposite is true for electronics and appliance stores whose sales increased 0.9 percent seasonally adjusted from the previous month but decreased 1.7 percent unadjusted over last year.