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Article: Price Cuts, Hot Weather Help Ignite Retail Sales.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- August 8, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Frank Green, The San Diego Union-Tribune Knight Ridder/Tribune Business News
Aug. 8--The store checkout lines are getting longer just in time for the crucial back-to-school season.
Extra money from refinanced mortgages, deep discounting and warm weather pushed up retail sales for the week ended Aug. 2 by 13.6 percent over the previous week, according to ShopperTrak's National Retail Sales Estimate.
Moreover, same-store sales for July jumped 4.3 percent, the strongest performance since June 2002 and outpacing the Bank of Tokyo-Mitsubishi's earlier estimate of a 3 percent hike for the month.
Analysts said the positive numbers ...