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CE, Majap Retail Sales Rose In June: Feds

7/14/2010 03:56:11 PM Eastern

New York - The U.S. Commerce Department today
reported solid sales for electronics and appliance retailers in June.

Revenue for the sector rose 7.6 percent year over
year to $8.2 billion and moved up 1.3 percent from May, unadjusted
for price and calendar changes.

According to analysts, the
Commerce Department's monthly CE/majap sales figures are weighted toward Best
Buy, which could account for discrepancies between today's report and those of national
discount chains
which indicated weak CE sales in June.

The government data also shows
that sales at CE and majap stores outpaced the retail industry overall, which
posted a 3.3 percent gain over June 2009 excluding restaurants, car dealers and
gas stations.

"Today's data shows consumers
continue to take a cautious approach towards shopping," said NRF president and
CEO Matt Shay, president/CEO of the National Retail Federation (NRF), a retail
trade association. "However, growth in key areas such as electronics, apparel
and department stores is an encouraging sign as we enter the back-to-school
shopping season."

Added NRF chief economist Jack
Kleinhenz: "Moderate growth these last few months proves that consumer
uncertainty remains. A slow-growing economy and high unemployment rates will
continue to hinder consumers' decisions to spend on discretionary items."