US DATA
Same-store retail sales rose 5.3% Y/Y in the week to Feb 8, vs the same week of 2024, per the Johnson Redbook Retail Sales Index, a slight deceleration from 5.7% prior. That left the month-to-date reading (also) up 5.3% Y/Y, vs 4.8% prior.
- Per the Johnson Redbook report, which anticipates overall February sales to rise 6.3% Y/Y: "Super Bowl Sunday drove sales of snack foods, beverages, team apparel, and related merchandise leading up to the event." They note that February typically has fewer sales/markdowns, "and is typically the month with the lowest sales volume, with the early introduction of spring goods."
- On both measures, discount store retail sales growth (6.4% Y/Y) continues to easily outpace that at department stores.(1.5%), which has consistently been the pattern since the end of 2022.
- The Redbook series have recently tended to show higher Y/Y growth than the monthly Census Bureau retail sales series (and are measuring different things), but overall suggest that nominal retail sales growth continues apace in early 2025.
- January's Census Bureau advance retail sales report is out Friday.
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