Don’t Blame It On the Weather
Posted on July 9, 2009 at 9:40 amThe New York Times today has a report on the dip in consumer sales for June. According to the Great Gray Lady, “the industry posted a 6.7 percent decline in sales for the month, in contrast to a 3.9 percent increase a year ago, according to the Goldman Sachs Retail Composite Index.”
In a bit of an odd explanation (totally plausible, but hardly scientific) the paper states that rainy weather on the East Coast may have kept spenders from opening their wallets for a new summer wardrobe.
“Sales fell at mall stores open at least a year, a measure of retail health, including Abercrombie & Fitch (down 32 percent compared with the period a year ago), Zumiez (down 19.3 percent), Children’s Place and Limited Brands (both down 12 percent), Wet Seal (down 11.1 percent), American Eagle Outfitters (down 11 percent), Gap (down 10 percent), and Hot Topic (down 7.9 percent).”
Department stores didn’t fare better.
“Sales declined 14 percent at Dillard’s, 8.9 percent at Macy’s, 8.2 percent at J.C. Penney, 8 percent at Bon-Ton and Stein Mart, and 5.6 percent at Kohl’s. T.J. Maxx and Ross Stores performed much better, posting 4 percent and 1 percent sales increases respectively.”
The only stores which saw an upkick were affordable clothing spots Buckle and Aéropostale, which saw 9.6 and 12 percent sale increases, respectively.
Interestingly, Wal-Mart has stopped reporting monthly figures.
