Econoday Report: Redbook 22, 2008

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2008 U.S. Economic Events & Analysis

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Redbook

Definition
A weekly measure of sales at chain stores, discounters, and department stores. It is a less consistent indicator of retail sales than the weekly ICSC index. It is also calculated differently than other indicators. For instance, figures for the first week of the month are compared with the average for the entire previous month. When two weeks are available, then these are compared with the average for the previous month, and so on. It might be more useful to compare year-over-year figures since these are indeed compared to the comparable week a year ago. This index is correlated with the general merchandise portion of retail sales covering only about 10 percent of total retail sales. Why Investors Care

Released on 7/22/08 For wk 7/19 2008

Store Sales Y/Y change
Actual	2.6%
Previous	2.7 %

Highlights
Store sales remain strong, according to both the ICSC-UBS report posted earlier this morning and now Redbook, the latter at a 2.6 percent year-on-year pace vs. 2.5 percent for ICSC-UBS. These are same-store rates and though seemingly mild are very strong in comparison to the course of the year. Redbook said discounters are doing well as consumers stock up on basic goods. Neither report mentioned the winding down of Federal tax rebates as a factor, though it is very likely to become a factor in the approaching weeks.

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