The April Sales have just been released and are well below the March levels (Exceptions Costco & Neiman Marcus).
Some factors to bear in mind:
- Easter timing helped March and hurt April
- Combined March + April sales eliminate this bias, look for May to come in close to this level
- Luxury retailers have fared well over the last couple of months, this is an important trend which bodes well for future margins and future spending growth. It also points to improving traffic at shopping centers.
- Steady retail sales growth is continuing, but at a level between what was seen in March and April