Redbook confirms slowing in retail sales during the September 14 week which was reported earlier this morning by ICSC-Goldman. Redbook's year-on-year same-store sales tally fell to plus 3.4 percent which is well down from 4.6 percent and 4.7 percent in the prior two weeks. Redbook cites unseasonably warm temperatures as a factor in the latest week that held down sales of fall apparel, and it describes remaining back-to-school sales as sporadic. The early look at September retail sales points to little change vs August.
A weekly measure of comparable store sales at chain stores, discounters, and department stores. It is a less consistent indicator of retail sales than the weekly ICSC-Goldman index. It is also calculated differently than other indicators. For instance, figures for the first week of the month are compared with the average for the entire previous month. When two weeks are available, then these are compared with the average for the previous month, and so on through the month. It might be more useful to compare year-over-year figures since these are indeed compared to the comparable week a year ago. This index is correlated with the general merchandise portion of retail sales covering about 10 percent of total retail sales.
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