Feb. retail sales reveal surprising growth, NRF says

WASHINGTON February retail sales showed surprising growth, beating analysts' expectations for a second straight month, according to the National Retail Federation.

"While we are seeing some growth in consumer spending, it remains to be seen whether this trend will continue," stated Rosalind Wells, NRF chief economist. "Given the state of the economy, NRF is still expecting year-over-year sales declines through the first half of the year, with a slight turnaround at the end of 2009."

According to NRF, retail industry sales for February (which exclude automobiles, gas stations, and restaurants) rose 0.6% seasonally adjusted from January and decreased 5% unadjusted over last year. Retail industry sales for January were revised up from 0.5% growth to 1.4% seasonally adjusted month-to-month.

February retail sales released today by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) decreased 12.3% unadjusted year-over-year and 0.1% seasonally adjusted month-to-month.

NRF's membership is comprised of all retail formats and channels of distribution including department, specialty, discount, catalog, Internet, independent stores, chain restaurants, drug stores and grocery stores, as well as the industry's key trading partners of retail goods and services.