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February retail sales increase despite bad weather, says NRF |
03.19.2010
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WASHINGTON-At some point in February, almost every single state had snow on the ground, but that didn't keep consumers from hitting the stores.
According to the National Retail Federation, February retail industry sales (which exclude automobiles, gas stations and restaurants) increased 1 percent seasonally adjusted over January and 1.7 percent unadjusted year-over-year.
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February retail sales released March 12 by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) increased 0.3 percent seasonally adjusted over January and 4.1 percent unadjusted year-over-year.
"February could be the direct result of cabin fever with consumers eager to get some fresh air and enjoy a day of shopping," said Rosalind Wells, chief economist for NRF. "We expect sales increases to continue, but high unemployment and other economic factors will restrain consumers' ability to splurge on discretionary items."
Sales at food and beverage stores saw solid increases with sales rising 1.3 percent seasonally adjusted month-to-month and 3.9 percent unadjusted year-over-year.
Other sectors who had their share of sales increases include clothing and clothing accessory stores whose sales increased 0.6 percent over January and 0.5 percent over 2009. Sporting goods, hobby, book and music stores sales increased 1.2 percent seasonally adjusted month-to-month and 3.5 percent unadjusted year-over-year.
Sales at furniture and home furnishings stores increased 0.7 percent seasonally adjusted over January but decreased 1.9 percent unadjusted year-over-year. Electronics and appliance stores sales rose 3.7 percent seasonally adjusted month-to-month but decreased 0.3 percent unadjusted over last year.
The NRF is a retail trade association, with membership that comprises all retail formats and channels of distribution including department, specialty, discount, catalog, Internet, independent stores, chain restaurants, drug stores and grocery stores.
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