Retail sales leap in March with early Easter, warm days
Shoppers satisfied their urge to splurge in March, scooping up Easter goodies and warm-weather clothing to give retailers their biggest monthly sales boost in more than a decade.
Many stores enjoyed double-digit sales increases at stores open at least a year, including a 23 percent jump at Kohl’s and a 17 percent gain at Nordstrom compared with a year ago. Luxury department stores and clothing retailers enjoyed the best performance in the industry, although every sector recorded a gain.
But retail analysts cautioned that the gains might not last. Chain stores faced an easy comparison from a year ago, when sales plunged 5 percent as the stock market hit its lowest point in 12 years. Retail sales were also significantly inflated by this year’s early Easter, which shifted many purchases that are traditionally made in April into March. In addition, the warmer weather spurred some shoppers to make seasonal purchases and boosted store traffic.
“It was a solid month, but I think in no way should you look at this month as a confirmation that the consumer is back,” said Eric Beder, an analyst with investment firm Brean Murray, Carret & Co.
According to an analysis by the International Council of Shopping Centers, a trade group, retail sales in March rose 9 percent compared with a year ago, the fourth consecutive month of growth. Sales at clothing stores rose 13 percent, while sales at luxury retailers jumped 14 percent. The weakest growth came from drugstores, which were up 1.7 percent.
