Same-Store Retail Sales Remain Sluggish

Same-store sales picked up pace but not by much to a 0.9 percent year-on-year gain in the June 18 week, extending a run of sub 1.0 percent readings to its sixth week. Monthly comparisons are no less sluggish, with month-to-date sales down 0.9 percent from May and up 0.7 percent from June last year. Last week's government retail sales report for May was surprisingly strong, but Redbook's sample sales so far this month do not point to similar strength in ex-auto and ex-gas sales for June.