The precarious financial situation in Europe affected U.S. retail sales in June, with Thomson Reuters expecting only a 2.4 percent increase in same-store sales for the month. The figure would be the lowest in three years, according to The Wall Street Journal.
Thomson Reuters tracks 18 retail chains.
Other industry sources, however, pin the number even lower. ICSC estimates that June same-store sales rose just 0.2 percent, with momentum slowing down even in outperforming sectors such as discounters (3.3 percent) and warehouse clubs (3.0 percent).
The strongest numbers in June were posted by luxury department stores, with a same-store sales increase of 7.2 percent. ICSC tracked 22 retailers.
Meanwhile, the blog RetailSails reports that same-store sales rose 0.5 percent, based on its tally of 21 retail chains. RetailSails authors write:
Despite gas prices falling for 13 consecutive weeks, consumer confidence continues to stagnate on concerns about high unemployment, the European financial crisis economic weakness at home, as well as a shaky stock market. We see the trend of cautious discretionary spending continuing throughout the summer, and could very well have a significant impact on back-to-school spending.