Consumers cautious in February

The delay of tax refunds helped keep consumer spending in check on February.



Retail sales in February inched up 0.2% seasonally adjusted over January, according to the National Retail Federation. (The NRF numbers exclude automobiles, gasoline stations and restaurants.)



The industry’s performance in February was mixed. Electronics and appliance stores took the biggest hit, with sales falling 2.8% over the previous month.



“Sales growth held up well, given warmer than normal weather and tax refunddelays,” NRF chief economist Jack Kleinhenz said. “While consumers benefit by purchasing more for less, the top-line retail numbers reflect a lack of pricing power and, in many cases, hide underlying consumer demand. While consumer spending in the first quarter has been erratic and most often weak, it registers positive improvement as the year continues.”



The industry’s performance in February was mixed, with electronics and appliance stores experiencing the biggest declines while building materials and garden supplies saw solid growth. But mild weather across much of the country may have helped building materials and supplies stores, whose sales increased 1.8%.



A few specifics from the report include:



• Online and other non-store sales increased 1.2% over the previous month and increased 8.2% unadjusted year-over-year.



• Sales at clothing and accessories stores decreased 0.5% seasonally adjusted from the previous month and decreased 1.1% unadjusted year-over-year.



• Sales at general merchandise stores decreased 0.2% seasonally adjusted over the previous month and decreased 1.4% year-over-year.



• Furniture and home furnishings stores’ sales increased 0.7% over the previous month and increased 1.4% unadjusted year-over-year.



• Sales at building materials and supplies stores increased 1.8% seasonally adjusted over the previous month and increased 3.7% unadjusted year-over-year.



• Sporting goods stores’ sales decreased 0.4% month and decreased 6.7% unadjusted year-over-year.



• Electronics and appliances stores sales decreased 2.8% seasonally adjusted over the previous month and decreased 9.8% unadjusted year-over-year.



• Sales at health and personal care stores increased 0.7% seasonally adjusted over the previous month and increased 2.7% unadjusted year-over-year.