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Wednesday, October 14, 2009

Retail Sales Fall, But Results Top Estimates

By Kathryn Glass

FOXBusiness

Retail sales for the month of September came in lower than the year-ago month, according to a report from the U.S. Department of Commerce, but the decline was less severe than was expected.

September’s advanced estimates for retail and food services sales fell to $344.7 billion, down 5.7%, compared to sales in September 2008. Sales fell 1.5% when compared to August’s sales numbers, which have now been revised from an earlier reported 2.7% increase, to a 2.2% jump.

Retail sales in September fell 6.4% compared to last year and were down 1.7% compared to August. Analysts were expecting retail sales to fall 2.1% during the month, according to Reuters. Gasoline station sales and building material and garden equipment and supply sales fell 25.3% and 13%, respectively.

Retail sales actually improved during the month of September, when factoring out sales in the automotive sector. The steep 10.4% decline in auto sales was precipitated by the termination of the government’s popular “cash for clunkers” program in August. Retail sales rose 0.5% in September, not including auto sales numbers, doubling the increase economists had forecast.

Home furnishing sales saw some of the largest increases, posting a 1.4% increase, compared to August. It’s the industry’s first increase in more than a year, boosting shares of home furnishing companies Ethan Allen Interiors (ETH), Furniture Brands International (FBN), Stanley Furniture Company (STLY) 2.02%, 8.37% and 6.61%, respectively.

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