Retail Sales Inch Up in April
The National Retail Federation said that retail sales in April showed a 2.8 percent year-over-year increase in the U.S retail market, excluding auto sales, gasoline stations and restaurants.
“Retail sales growth remains solid and on track as households benefit from tax cuts even though they have faced unseasonable weather and bumpy financial markets,” said Jack Kleinhenz, the chief economist for the National Retail Federation, based in Washington, D.C. “The tax cuts and higher savings levels should help consumers afford the recent surge in gasoline prices. And a solid job market, recent wage gains and elevated confidence translate into ongoing spending support.”
The NRF broke down April results for different retail categories. Results were mixed for apparel stores. Sales for clothing and clothing-accessory stores dipped 0.4 percent in a year-over-year basis. However, April apparel sales were up 1.4 percent compared to the previous month.
Online and other non-store sales were up 12.2 percent in a year-over-year comparison. Compared to the previous month, sales increased 0.6 percent for e-retailers.
Ken Perkins, president of the market-research group Retail Metrics, also posted a recent note saying business was good in April. He said that expectations for the month had been low because cold weather was predicted for much of the U.S. Wall Street analysts also forecast that many consumers may have been suffering from shopping fatigue. The nation’s retailers experienced a spike in business because Easter took place on April 1.
In Perkins’s research note, he discussed the April performance for L Brands, the parent company of Victoria’s Secret and Bath & Body Works. Bath & Body Works reported a 6 percent same-store-sales gain during April. Victoria’s Secret posted a 2 percent decline.