NRF: July Retail Better Than Expected

August 13, 2007  by in UnCategorized   

By Home Furnishings Business in on August 2007 Driven by back-to-school spending on electronics, apparel and other necessities, July retail sales rebounded from a slow start to the summer, rising an unadjusted 4 percent from July 2006, and 0.5 percent, seasonally adjusted from June, according to the National Retail Federation.

June retail sales were also revised up from 3.4 percent to 3.8 percent.

NRF accounts for retail sales by removing non-general merchandise categories such as automobiles, gasoline stations and restaurants from the Department “Back-to-school shopping sprees and summer clearance promotions drove consumers to department and specialty stores in July,” said NRF Chief Economist Rosalind Wells. “While concerns of a housing market slump and high gas prices still weigh heavily on consumers’ minds, many people still hit the stores last month, giving retailers a nice rebound from earlier this summer.”  

While apparel sales were expected to remain flat this summer during the essential back-to-school shopping season, seasonally adjusted month-to-month sales show clothing and clothing accessories increased 1.3 percent from June and 4.1 percent unadjusted year-over-year.  

Electronics and appliance stores sales increased 1.0 percent seasonally adjusted from last month and 2.5 percent unadjusted year-over-year.  

Health and personal care stores did surprisingly well, increasing 0.7 percent seasonally adjusted month-to-month and 6.3 percent unadjusted over last July. General merchandise stores sales increased 0.9 percent seasonally adjusted from June and 4.7 percent unadjusted year-over-year. Sporting goods, hobby, book and music stores sales increased 0.4 percent seasonally adjusted from June and a solid 5.6 percent unadjusted year-over-year.