Retail sales continued to grow last month during a typically slow selling season. According to the National Retail Federation (NRF), retail industry sales for February (which exclude automobiles, gas stations, and restaurants) rose a solid 4.4% over last year and increased 0.3% seasonally adjusted over January. NRF said the increase was “impressive,” considering it was being compared with sales from last February, which rose 10.6%. Sales at Sporting Goods, Hobby, Book, and Music Stores fell 3.9% from February 2004.
“February's sales were especially robust given the strong comparisons from a year ago and the persistent dreary weather last month,” said NRF Chief Economist Rosalind Wells. “Consumers were motivated to spend on the Super Bowl and Valentine's Day, and holiday gift cards are continuing to trickle in, which is improving some retailers' first quarter performance.” Combined, the Super Bowl and Valentine's Day spending accounted for $18.75 billion in spending last month.
February retail sales released by the U.S. Commerce Department show that total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) rose 0.5% seasonally adjusted from January and increased 5.6%. Most retail categories experienced growth last month. Super Bowl spending spurred sales at electronics and appliance stores, whose sales rose 1.6% seasonally adjusted from January and 4.2% over a year ago. Furniture and home furnishings stores also saw growth, with sales rising 0.7% from the prior month and 3.3% over last February. Additionally, clothing stores and clothing accessories stores (which include jewelry stores, a popular Valentine's Day destination) saw gains of 1.1% from January and 2.9% over last year.
