August retail sales disappoint with tepid 0.1% increase from July
Washington, D.C. — Retail sales increased in the month of August but came in at a much slower pace than anticipated, according to the National Retail Federation. Sales (excluding automobiles, gas stations and restaurants) increased 0.1% seasonally adjusted from last month, and increased 3.9% unadjusted year-over-year.
According to data released Friday by the U.S. Census Bureau, total retail and food services sales (which include non-general merchandise categories such as automobiles, gasoline stations, and restaurants) in August increased 0.2% seasonally adjusted month-to-month and increased 4.7% adjusted year-over-year.
“Retail sales gains continue to be tepid,” said NRF chief economist Jack Kleinhenz. “Retail sales and employment, while measurably positive, have been disappointing over the last few months, and have been difficult to reconcile with consumer confidence. The data suggests that consumers remain cautious with their pocketbooks and purchases.”
Other findings from the August retail sales report include:
- Building material and garden equipment and supplies dealers stores’ sales decreased 0.9% seasonally adjusted yet increased 5.7% unadjusted year-over-year.
- Clothing and clothing accessories stores’ sales decreased 0.8% seasonally adjusted month-to-month yet increased 4.6% unadjusted year-over-year.
- Health and personal care stores’ sales increased 0.6% seasonally adjusted month-to-month and increased 3.0% unadjusted year-over-year.
- Electronics and appliance stores’ sales increased 0.8% seasonally-adjusted month-to-month and increased 3.1% unadjusted year-over-year.
- Furniture and home furnishing stores’ sales increased 0.9% seasonally-adjusted month-to-month and increased 4.9% unadjusted year-over-year.
- General merchandise stores’ sales decreased 0.2% seasonally-adjusted month-to-month yet increased 0.4% unadjusted year-over-year.
- Non-store retailers’ sales increased 0.5% seasonally adjusted month-to-month and increased 8.8% unadjusted year-over-year.
- Sporting goods, hobby, book and music stores’ sales decreased 0.5% seasonally adjusted month-to-month yet increased 3.7% unadjusted year-over-year.
Burlington sees overall sales growth in second quarter
As the winter season approaches, Burlington Coat Factory experienced overall sales growth that led to a comparative store sales increase of 7.8% for the second quarter ended Aug. 3.
Total net sales increased 11.5% to $963.7 million for the months quarter compared with last year.
“We are proud of our second quarter results including 11.5% overall sales growth and, most important, our 7.8% comparative store sales increase. I would like to thank our store and corporate teams for contributing to these results,” said Tom Kingsbury, president and CEO.
Burlington Coat Factory is a nationally recognized retailer of high-quality, branded apparel at everyday low prices. The company was taken private in 2006 by Bain Capital, and currently operates 503 stores in 44 states and Puerto Rico
Twitter tweets plans to file for IPO
Twitter is going public and announced its intention to file for an IPO with a tweet.
“We’ve confidentially submitted an S-1 to the SEC for a planned IPO,” stated the tweet. “This Tweet does not constitute an offer of any securities for sale.”
According media reports, Twitter has 200 million users and secondary sales of its stock have valued the company as high as $10 billion. Securities and Exchange Commission (SEC) regulations limit confidential IPO filings to companies with less than $1 billion in annual revenue, giving some indication of Twitter’s actual current earnings. Twitter does not have to immediately file for an IPO and can keep all related documents confidential until 21 days before it starts formally pitching the IPO to major Wall Street investors.
Twitter is increasing in importance as an e-commerce tool. The recent second quarter 2013 Monetate E-commerce Quarterly indicates Twitter experienced the fastest growth among all social networks in referrals to e-commerce sites, moving from 5.4% of social referrals in second quarter 2012 to 9.64% in second quarter 2013 — a 77% gain. In addition, Twitter recently hired former Ticketmaster president Nathan Hubbard to take the new role of head of commerce and reportedly plans to enable direct shopping through postings within tweets.