Same Store Retail Sales Bounce Back

Same store sales were up 3.8 percent year-on-year in the July 21 week, bouncing back but only feebly by 0.5 percentage points from the prior week's sharp deceleration. Month-to-date sales versus the prior month were up 0.3 percent, posting the strongest weekly reading for this comparison since May 12, however, while the full month year-on-year gain rose by 0.2 percentage points to 3.5 percent. After surging to the strongest year-on-year gain of the year in the first week of July, Redbook's same store sales have cooled to a less torrid though still solid pace, pointing to moderate strength in ex-auto ex-gas retail sales.