Furniture And Furnishings Stores Gain Even As May Retail Sales Slow
Wednesday June 13th, 2012 - 11:41AM
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According to the National Retail Federation, May retail sales, excluding automobile, gas stations and restaurants, decreased 0.3% seasonally versus April but increased 4.8% unadjusted year-over-year. However, the Furniture and Home Furnishing Stores segment bucked the trend as sales increased 0.4% seasonally adjusted month-to-month as well as gaining 11.4% unadjusted year-over-year.
May retail sales, as compiled by the United States Department of Commerce, showed total retail and food services sales, which include non-general merchandise retail categories such as automobiles, gasoline stations and restaurants, decreased 0.2% seasonally adjusted month-to-month but increased 7.1% unadjusted year-over-year.
“As the first industry to feel any backlash from consumers’ attitudes about the revival of the economy, retailers are far from discouraged by May’s sales report, ” said NRF president and CEO Matthew Shay. “It’s evident that consumers are simply taking a breath. Going forward, retailers will make sure to keep a steady eye on key economic indicators, being cautious with inventory and promotions as back to school— the second biggest time of the year— approaches.”
Other findings from the May retail sales include:
“This economy thus far is working like an old machine with many fits, starts and even some sputtering,” NRF chief economist Jack Kleinhenz said. “Overall though, consumers are benefiting from the slow but steady decline in gasoline prices, and we expect growth will resume and should pick up through the fall.”
Tags: Housewares Cookware & Bakeware Vacuum Cleaners/Electric Cleaning Health & Personal Care Home Décor Home Environment Small Electrics Organization & Cleaning Tabletop Gadgets & Kitchen Tools Retail
Dissecting what Ron Johnson got wrong during his brief, calamitous term at the helm of J.C. Penney is sure to be the focal point of retail strategy and tactics lessons for years to come. But Penney’s future could still hinge to some extent on what he got right.