Same Store Retail Sales Trudging Along

Same-store sales rose 0.8 percent year-on-year in the July 9 week, still trudging along in the disappointingly slow, sub-1 percent year-on-year growth pace set since late January. Month-to-date July sales were also up 0.8 percent year-on-year, exceeding Redbook's target of a 0.5 percent gain. Compared to June of this year month-over-month, July sales were down 0.3 percent, bettering Redbook's target of a 0.6 percent decline. Redbook said sales over the Independence Day holiday weekend got the month off to a better than expected start, driven by clearance sales and the resurgence of mid-summer weather conditions in most of the country. Promotional clearance sales are expected to escalate for the rest of July, the last month for retailers to get rid of spring seasonal stock in order to make room for early fall goods.