Cold weather, slow housing market impact retailers |
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Wednesday, 14 March 2007 08:00 PM America/New_York |
February retail sales released by the U.S. Commerce Department show that total retail sales increased 0.1% from January, and increased 3.4% unadjusted year-over-year, according to the National Retail Federation (NRF). “Retailers continue to feel the backlash of the sluggish economy,” said NRF Chief Economist Rosalind Wells. “Winter weather and the slowing housing market put a dent in what could have been a solid February for many retailers.” February retail sales-which include non-general merchandise categories such as autos, gasoline stations and restaurants-saw mixed results across the board. Last month's harsh winter weather throughout the country kept consumers home, according to the world's largest retail trade association.
Clothing and clothing-accessory stores sales increased 4.6% unadjusted from last year, but decreased 1.8% from January. Electronics and appliance stores sales saw gains of 4.6% unadjusted year-over year, but were also impacted by the weather with a 0.3% decrease in seasonally adjusted month-to-month sales. NRF continues to expect 2007 sales to increase 4.8% over 2006.
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