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October Sales Up 3.5% for CE/Majap Dealers: Feds

Washington – Early holiday promotions helped October retail
sales for CE and appliance dealers rise 3.5 percent year over year and 3.7
percent from September, the most growth in two years, U.S. Commerce Department
reported today.

The total October take was $8.7 billion, adjusted for
seasonal variation and holiday and trading-day differences but not for price
changes, the agency said.

By comparison, October sales for e-tailers and other
non-storefront merchants rose 11.1 percent year over year to $33.6 billion, but
edged up just 0.4 percent from September.

Total retail sales, excluding food services and automotive,
rose 7.3 percent in October to $355.8 billion and increased 0.6 percent from

“Retailers’ early holiday promotions seemed to strike the
right chord with shoppers last month,” observed Matthew Shay, president/CEO of
the National Retail Federation (NRF), an industry trade group. “Knowing the
economy is still a big factor in customers’ shopping decisions, retailers will
continue to offer great deals and exceptional value throughout the holiday season.”

The momentum, added NRF chief economist Jack Kleinhenz, bodes
well for the holiday season. “October retail sales support the assertion that
consumers have a distinct desire to spend, bolstering hopes for solid sales growth
in November and December,” he said.