US retail sales rebound in Apr, clothing stores still struggling: NRF

NRF’s calculation of retail sales – which excludes automobile dealers, gasoline stations and restaurants to focus on core retail – showed April was up 0.6 per cent from March and up 2 per cent unadjusted year over year. In March, sales were down 0.7 per cent month over month but up 3.4 per cent year over year. NRF’s numbers were up 3.7 per cent unadjusted year over year on a three-month moving average as of April.

“Retail sales rebounded in April, reflecting consumer resilience in the face of elevated economic uncertainty,” NRF president and CEO Matthew Shay said. “Moderating price levels, continued labour market strength and wage gains have increased consumers’ ability to spend. However, they remain cautious and concerned about the current economic environment. Retailers continue to provide competitive pricing and convenience to help cost-sensitive consumers stretch their budgets.”

“Consumers remained engaged in April,” NRF chief economist Jack Kleinhenz said. “Shoppers are being selective and price-sensitive, but we continue to expect that spending will see modest gains through the course of the year. Year-over-year growth slowed, which was partly because of upward revisions to last year’s data but also an early indication that credit conditions are tightening, and excess savings are shrinking.”

The US Census Bureau said overall retail sales in April were up 0.4 per cent from March and up 1.6 per cent year over year. In March, sales were down 0.7 per cent month over month but up 2.4 per cent year over year.

Fibre2Fashion News Desk (KD)