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Redbook: US Retail Sales -0.6% First Five Weeks Of Dec Vs Nov

NEW YORK (Dow Jones)--National chain store sales fell 0.6% in the first five weeks of December versus the previous month, according to Redbook Research's latest indicator of national retail sales released Tuesday.

The drop in the index was compared to a targeted 1% gain.

The Johnson Redbook Index also showed seasonally adjusted sales in the period fell 1.0% compared with December 2007, relative to a target of a 0.6% gain.

Redbook said on an unadjusted basis, sales in the week ended Jan. 3 were down 1.3% from the same week in 2007.

"Clearance sales of seasonal inventories were certainly a factor in post Christmas buying," Redbook said.

Retailers said the week, like the month, was more promotional than planned, suggesting continuing margin pressure in an already challenging fourth quarter.

Many shoppers decided to hold on to their gift cards for future use or spend them on basic consumables, added Redbook. Some discounters reported that consumption had reverted to more normal patterns, with a focus on basic commodities.

January is a four-week month on the retail calendar and closes the fiscal year for most retailers. Redbook's preliminary target for the Johnson Redbook Index in January is -1.5% year-over-year, which would result in month-over-month of -1.9% against December. That target may be revised in next week's report, Redbook said. Stores report December sales on Thursday, and Redbook plans as usual to release its Johnson Redbook Same-store Flash Report that morning.

-By Deborah Lynn Blumberg, Dow Jones Newswires; 201-938-2018; deborah.blumberg@dowjones.com

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(END) Dow Jones Newswires

January 06, 2009 08:55 ET (13:55 GMT)


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