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
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."