Retail Forward Survey Reports Same Store Sales Dec
Columbus, OH, November 3, 2006--Retail Forward reported same store sales growth that slipped to 3.3% in October in a survey of 60 retailers.
The mixed results approaching the holiday are supported by a separate Retail Forward survey of shoppers that indicates holiday shoppers do not have big plans to increase how much they spend compared with last year.
"A letup should be expected given the lingering impact of a weaker housing market and elevated gasoline prices. But this doesn't necessarily suggest a big letdown for the holidays," comments Frank Badillo, vice president at Retail Forward and the company's senior economist.
The result is down from the 4.3% sales-weighted composite reported last month and the 4.4% composite reported in October of 2005. October's results were led by growth among Department Stores and Drug Stores. Among the laggards, according to Retail Forward, were Apparel and Accessory Stores, Discount Department Stores and Dollar Stores.
The same store sales results are roughly in line with Retail Forward's forecast of 5.5% growth in total sales for key holiday retail channels—down from 7.2% last year—during the October-to-December fourth quarter. The company-reported same store sales results typically come in a few percentage points lower than the total sales results reported by the government. The government data from the Department of Commerce are used in Retail Forward's forecasts.
