June was another disappointing month for most retailers, as unseasonably cold and wet weather dampened prospects, in addition to the fact that stores were up against comps from last year when consumer had stimulus checks in their pockets. The best performers continue to be teen retailers Aeropostale and The Buckle, as well as off-price retailers TJX and Ross Stores.
For the 33 retailers we track that report monthly sales data, overall net sales for June were $34.144 Billion, a 2.6% decline from June 2008. On a comparable same-store basis, sales were down 4.7% from the prior period vs. a gain of 2.1% last June. The optimism we saw back in April when things seemed to be improving for the most part has disappeared, as just about every retailer mentioned how tough the retail environment is, and how the frugal consumer has really changed the landscape. Things aren’t expected to pick up through the summer, but the hope is that an early back-to-school season will bring at least marginal improvement starting in September.
Read the rest of the report here.
Over the next week we will be highlighting sub-sectors including teen, luxury, and off-price retail, as well as wholesale clubs, so stay tuned…
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