NEW YORK – U.S. retail sales at discount, chain and department stores rose in the first three retail weeks of February, and most retailers beat forecasts and cleared out remaining fall and winter goods, Instinet Research said in its weekly report on Wednesday.
The Redbook Retail Sales Average rose 0.6 percent in the week ended Feb. 23 compared with the same period last month. Year-over-year sales rose 3.5 percent in the week.
Some retailers said sales associated with the Presidents' Day holiday boosted results, the report said. Otherwise, retailers saw demand for furniture, appliances and hardware associated with the strong housing market and mild weather. Consumer basics such as food and beauty products also sold well.
The Redbook Retail Sales Average is a sales-weighted average of annual growth in same-store sales at discount, department and chain stores that report their results on a weekly basis. The average is compiled from a sample of general merchandise retailers representing about 9,000 stores. Same-store sales measure revenues at stores open at least a year.
The Redbook Average is released weekly by Instinet Research, a division of Instinet, a Reuters-owned electronic brokerage.