Retail Sales Flat; Furniture Notes Slight Increase

February 14, 2007  by in UnCategorized   

By Home Furnishings Business in on February 2007 The latest retail sales figures from the Commerce Department show an overall flat month for January, but furniture stores managed to post a 0.8 percent increase.

The numbers are the poorest performance since a 0.2 percent drop in October.

Analysts had been expecting a retail sales gain of 0.4 percent based on reports from chain stores that consumers had been cashing in on holiday gift cards, as well as buying outerwear for the late arriving winter.

The overall numbers were hit by a 1.3 percent decline in automobile sales—the largest one-month drop since a 2.4 percent decline in June. Take auto sales out of the equation and retail sales eeked out a 0.3 percent increase.

The report noted that sales at furniture stores and hardware stores were relatively strong, with both posting 0.8 percent gains.

Sales at electronic and appliance stores, following Christmas demand for the latest electronic gadgets, fell 1.2 percent in January.