Unlike ICSC-Goldman, Redbook does not report any weather-effect from heavy East Coast rain during the June 8 week. Redbook's year-on-year same-store sales rate of plus 2.8 is right on trend. But Redbook does note that sales for its sample are below plan so far in June, an important month for retailers going into July 4 clearance sales.
Redbook says the early pace so far in June points to a 0.5 percent month-to-month decline compared to May, an early indication pointing to weakness for the government's ex-auto ex-gas reading for June. The government will post its May report on Thursday with the Econoday consensus pointing to a solid 0.5 percent gain.
A weekly measure of comparable store sales at chain stores, discounters, and department stores. Redbook tracks week-to-week change, month-to-date change, and year-on-year change with the latter the most closely watched reading. The report offers early indications on ex-auto ex-gas retail sales.
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