Retail Sales Edge Up on Mother’s Day Gifts, Retail ETFs Down
For those trading the SPDR S&P Retail (XRT) and Retail HOLDRS (RTH) ETFs:
Warm weather in the South and East gave a boost to Mother’s Day traffic and gave a 0.1 percent lift to same-store sales in the May 8 week, according to the ICSC-Goldman Sachs Weekly Sales Index. The year-on-year rate dipped 1 tenth to 4.3 percent though the four-week average rose 1 tenth to a very strong 4.7 percent. The report is targeting full-month May sales at a year-on-year plus 3.5 percent.
Same-store sales are at a plus 3.3 percent year-on-year rate in May 8 week, according to the Redbook Retail Sales Index that shows a plus 0.8 percent month-to-month rate vs. the report’s target for plus 0.6 percent. The report notes little year-on-year effect from Mother’s Day as it fell in the same week as last year.