Same Store Retail Sales Growth Slows

Same store sales were up just 2.6 percent year-on-year in the November 4 week, slowing down by a full percentage point from the prior week to the slowest growth pace since August 12. Month-to-date sales versus the prior month were down 1.0 percent, posting the fifth consecutive negative weekly reading, while full month year-on-year sales slackened by 0.9 percentage points during the week to a 2.6 percent gain. The loss of sales growth momentum reported by retailers in Redbook's sample is disappointing following the strongest performance in more than two years during the past two months, and hints at a slackening in core retail sales for the rest of the key last quarter.