Challenges From December Retail Environment Carrying Into January, Says NRF
The National Retail Federation applauded U.S. holiday retail store sales in a Friday news release. But NRF said “weather, inventory challenges, advances in consumer technology and the deep discounts that started earlier in the season” have carried into January. For…
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the holiday season, retail store sales grew 3 percent over holiday 2014 to $626 billion, said CEO Matthew Shay, calling the growth “solid” despite “unforeseen weather events” and an “extreme deflationary retail environment.” Despite the season’s challenges, “the industry rallied, consumers responded and sales still grew at a healthy rate,” said Shay. December retail sales -- excluding automobiles, gas stations and restaurants -- slipped 0.2 percent from November but grew 3.1 percent year over year, it said. Non-store holiday sales grew 9 percent to $105 billion, it said. NRF Chief Economist Jack Kleinhenz said December results “remind us just how significant of an impact unusual weather can have on retail and overall economic activity.” He cited “prospects for improvement,” including recent job gains that will lift income and earnings and a “healthy housing market.” The Department of Commerce said Friday that December retail sales decreased 0.2 percent sequentially and grew 2.2 percent year over year. December sales, adjusted for seasonal variation and holiday and trading-day differences but not for price changes, were $448 billion, said Commerce. For the year, electronics and appliance store revenue, unadjusted, dropped 2.4 percent to $104 billion, said the report.