As Summer Sizzles, Retail Sales Fizzle
ARLINGTON, Va., Aug. 13 /PRNewswire-USNewswire/ -- Early back-to-school shopping was not enough to propel retail sales significantly upward in July, according to the Retail Industry Leaders Association (RILA).
Monthly retail sales figures for July released today by the Department of Commerce reported modest growth over July 2009, with retail sales excluding auto sales up modestly compared to sales from the previous month. Overall retail sales increased 0.4 percent in July, and rose 5.9 percent over sales in July 2009. Retail sales excluding auto and auto part sales expanded 0.2 percent in July, and showed gains of 4.9 percent over the previous year.
"Retailers continue to persevere in an uncertain economic environment, relying on cost controls rather than sales growth to maintain profitability," said RILA President Sandy Kennedy.
With nearly all of the gains concentrated in the automotive sector in July, retailers saw declines in virtually every category. Department stores were down 1.0 percent from June, with clothing and clothing accessories not far behind, dropping 0.7 percent. Furniture and home furnishings and building materials were down 0.3 percent.
Today's retail sales follow the recent U.S. Department of Labor report that 14.6 million American's remain out of work.
"Like the broader business community, retailers continue to deal with considerable market and regulatory uncertainty," added Kennedy.
RILA is the trade association of the world's largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.
SOURCE Retail Industry Leaders Association
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