W - Retail sales breakdown: Clothing and restaurant spending recovers e-commerce runs up against tough comparable
Retail sales jumped 15.1% in August compared to the mark a year ago when the pandemic limited activity. Retail sales were up 0.7% from the previous month to top expectations. The strong month was led by momentum with clothing stores (+39% Y/Y) off the back-to-work and back-to-school trends. That could set up chains like Gap (NYSE:GPS), TJX Companies (NYSE:TJX), American Eagle Outfitters (NYSE:AEO), Designer Brands (NYSE:DBI) and Abercormbie & Fitch (NYSE:ANF) for a solid quarter. The restaurant category was also in recovery (+32% Y/Y) even with the labor shortage impacting companies like Dine Brands (NYSE:DIN), Brinker International (NYSE:EAT) and Cheesecake Factory (NASDAQ:CAKE). There was also surprising strength with general merchandise stores (+16%) in a development that bodes well for Walmart (NYSE:WMT), Target (NYSE:TGT) and Costco (NASDAQ:COST). If there was a disppointment it may have been in the category that includes e-commerce retail (+5.3% M/M, +7.5% Y/Y) in what could be
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Retail sales breakdown: Clothing and restaurant spending recovers, e-commerce runs up against tough comparable