Back-to-school sales exceed expectations |
Sunday, 12 August 2007 08:00 PM America/New_York |
Back-to-school shopping has increased retail sales in July, according to the National Retail Federation (NRF). July industry sales numbers charting retail sales figures (excluding automotive, gasoline and restaurant sales) were released today by the U.S. Commerce Department, and show a surge carried by school supplies like electronics and apparel where retail sales climbed 4% in the last year and 0.5% adjusted from June. "Back-to-school shopping sprees and summer clearance promotions drove consumers to department and specialty stores in July," stated 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." Although apparel sales were expected to remain flat this summer, seasonally adjusted month-to-month sales show clothing and clothing accessories increased 1.3% from June and 4.1% unadjusted year-over-year. Electronics and appliance stores increased 1% seasonally adjusted from last month and 2.5% unadjusted. Other increases were reported in health and beauty supplies, general merchandise stores and sports, hobby and bookstores. |