Americans are shopping for apparel again.
Clothing, accessories and sporting goods stores all saw their sales rise in May, the Census Bureau reported Tuesday, as U.S. consumers loosened the purse strings a little after months of penny-pinching.
Retail sales were $455.6 billion, up 0.5% from April’s figure (when sales increased 1.3% over March), and a 2.5% increase over May 2015, beating economists’ forecast of 0.3% month-to-month. Breaking down that number, retail trade sales were up 0.4% from April and up 2 percent from last year, while e-commerce rose 1.3% over the prior month and 12.2% from May 2015.
Despite the demise of Sports Authority, sporting goods stores had a successful month, with sales up 1.3% since April and 5.2% since last May.
It wasn’t all good news, however. Sales at clothing and accessories stores increased 0.8% on a month-to-month basis, the biggest advance since November, but were down 0.5% from last May. In addition, department stores saw sales decline 0.9% over April to record a massive 5.8% drop year-over-year.
The news followed an earlier announcement that only 38,000 nonfarm jobs were added to the U.S. economy in May, which raised questions about whether or not the Federal Reserve would decide to raise short-term interest rates at this month’s meeting. Tuesday’s strong spending report means that idea could be back on the table.
Print PDFPrint PDFWhen times are tough, companies are more willing to test new ideas and Target, Warby Parker and Amazon are pushing the boundaries of traditional retail. Target gets in bed with Casper After failed attempts at an acquisition, Target has instead invested in Casper...Read more
J.Crew has been shifting in its seat trying to adjust to a new normal of shrinking sales and growing debt, but nothing has quite yet paid off, so the company is cutting its prices.Read more
It’s official. Coach, Inc. is snapping up shares of handbag brand Kate Spade.Read more
This week, consumers called for better children's apparel, retailers turned internally to remedy their financial woes and apparel incubators improved China's manufacturing sector.Read more
Whether and how much consumers care about sustainability may be an ongoing question the industry wants an answer for, but one thing that’s clear is that though some consumers do care, sustainability isn’t the first thing they think of.Read more
Gymboree tapped former Tilly's executive Daniel Griesemer as its new CEO, JC Penney appointed Marci Grebstein as its new EVP and Wolford creative director Grit Seymour is leaving the company.Read more
Aiming to clear up potential conflicts with state laws, the Reinforcing American-Made Products Act now moves to the full Senate for consideration after the chamber’s Commerce Committee gave approval to the measure.Read more