The release was unexpected as analysts had forecasted a 2.4% decline in sales. Discount stores and Value oriented chains have reported better than expected profits.
Retailers have posted consecutive declines in monthly same-store sales since September 2008, when Lehman Brothers’ bankruptcy triggered a global financial crisis. In the previous month, retailers had notched up a 0.2 per cent gain.
From next month, year-on-year sales comparisons will start to look more favourable as stores will be comparing data with the period last year when consumer spending went into freefall.
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Alfonso Esparza