April Retail Sales Disappoint
Tuesday morning was a big day for retail, as the Census Bureau retail measurements, ICSC-Goldman retail survey and Redbook results were all released.
According to the Census Bureau, there was no sales growth for April while economists expected a 0.6 percent increase. The lack of growth is also significantly down from 1.5 percent in March. Excluding gasoline, sales are actually down 0.1 percent for April.
The ICSC-Goldman Sachs report was equally disappointing, showing a 0.1 percent week-over-week drop in retail sales.
Retail bulls got some support from the Redbook figures, which showed a 1.1 percent increase for the first week of May, month-over-month. Compared to the same week a year ago, same-store sales are up 4.2 percent.
Shares of retailers are trading slightly lower on the news. The SPDR S&P Retail ETF (NYSE: XRT) is down 0.29 percent Tuesday, versus a 0.12 percent climb on the S&P 500.
The data shown in these reports will not be included in the first quarter results that many retailers are reporting later this week.
Macy’s is expected to report Wednesday. JCPenney, Kohl’s, Nordstrom and Walmart are expected to report Thursday.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.