NEW YORK — Retail same-store sales sagged to a 2.5% gain in March as sales were affected by this year's late Easter holiday and higher fuel prices.
A composite for 28 retailers reporting sales for the five weeks ending April 2 was down from the same-store sales gain of 4.4% last month and from 9.2% in March of 2010, according to Kantar Retail, Columbus, Ohio. Easter falls on April 24 this year, compared with April 4 last year.
"What's encouraging is that the Easter-related letup in sales wasn't as severe as expected by a number of retailers — especially in light of the additional drag of higher fuel prices. Sustained growth in jobs and income may be helping to alleviate some of the pain," Frank Badillo, senior economist at Kantar, said in a statement.
Kantar noted results were led by stronger-than-average results at food, drug and mass retailers, where fuel and food price inflation is focused.
Among food retailers, BJ's Wholesale Club, Westborough, Mass., said comparable-club sales improved by 1.3%, excluding gasoline, during the period, adding that the later Easter affected sales negatively. Food items increased 3% on a comparable basis while general merchandise was down by 2%, BJ's added.
Costco Wholesale, Issaquah, Wash., reported comparable sales of 8% excluding gasoline. Target, Minneapolis, said its comps fell by 5.5% in the period, which was within the range of expectations, given the later holiday.
