Retail sales regained momentum in April with both month-over-month and year-over-year growth, according to the National Retail Federation.
NRF’s calculation of retail sales, excluding automobile dealers, gasoline stations and restaurants to focus on core retail, had April up 0.6% from March and 2% unadjusted year over year. In March, core retail sales slipped 0.7% month over month but gained 3.4% year over year. NRF’s sales numbers advanced 3.7% unadjusted year over year on a three-month moving average as of April.
By channel, sales results were:
- General merchandise stores up 0.9% month over month seasonally adjusted and 4.1% unadjusted year over year.
- Furniture and home furnishings stores down 0.7% month over month seasonally adjusted and 8.8% unadjusted year over year
- Building materials and garden supply stores up 0.5% month over month seasonally adjusted but down 5.7% unadjusted year over year
- Health and personal care stores up 0.9% month over month seasonally adjusted and 5.8% unadjusted year over year
- Electronics and appliance stores down 0.5% month over month seasonally adjusted and 8.2% unadjusted year over year
- Grocery and beverage stores down 0.2% month over month seasonally adjusted but up 2.9% unadjusted year over year
- Sporting goods stores down 3.3% month over month seasonally adjusted and 9.1% unadjusted year over year
- Clothing and clothing accessory stores down 0.3% month over month seasonally adjusted and 4.1% unadjusted year over year
- Online and other non-store sales up 1.2% month over month seasonally adjusted and 6.4% unadjusted year over year.
In announcing the sales results, NRF president and CEO Matthew Shay said, “Retail sales rebounded in April, reflecting consumer resilience in the face of elevated economic uncertainty. Moderating price levels, continued labor market strength and wage gains have increased consumers’ ability to spend. However, they remain cautious and concerned about the current economic environment. Retailers continue to provide competitive pricing and convenience to help cost-sensitive consumers stretch their budgets.”
NRF chief economist Jack Kleinhenz said. “Consumers remained engaged in April. Shoppers are being selective and price-sensitive, but we continue to expect that spending will see modest gains through the course of the year. Year-over-year growth slowed, which was partly because of upward revisions to last year’s data but also an early indication that credit conditions are tightening and excess savings are shrinking.”
