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Spring in the Air Puts Spring in Retailers' Steps
WASHINGTON -- The first quarter of 2004 ended with a bang for the nation's retailers. According to the National Retail Federation, March retail sales in the GAFS category (general merchandise stores, clothing and clothing accessories stores, furniture and home furnishings stores, electronics and appliances stores, and sporting goods, hobby, book and music stores) rose 8.2% over last year and increased 0.6% adjusted over February. GAFS sales for the first quarter rose 9.8%."March saw strong sales increases across the board," said Rosalind Wells, NRF chief economist. "Due to an early Easter and favorable spring fashions, consumers had plenty of reasons to shop last month."March retail sales released recently by the U.S. Commerce Department show that total retail sales, which include non-general merchandise categories such as autos, gasoline stations and restaurants, rose 1.8% seasonally adjusted for the month and 10.2% unadjusted year-over-year."Though March retail sales were strong, it could be difficult to sustain this growth in the second quarter," said Tracy Mullin, NRF president and chief executive officer. "Year-over-year comparisons will become more difficult and the economy is still facing lingering concerns including rising energy costs and instability in Iraq."Sales at clothing and clothing accessories stores stayed strong in March, with sales increasing 9.9% unadjusted over March 2003 and 1.9% for the month. Spring's arrival also spurred sales at building material and garden equipment and supplies dealers, whose sales increased 27.4% unadjusted year-over-year and 10.6% over February. Additionally, furniture and home furnishings stores saw sales rise 12.1% unadjusted over last year and 1.2% for the month. The National Retail Federation is the world's largest retail trade association, with membership that comprises all retail formats and channels of distribution including department, specialty, discount, catalog, Internet and independent stores as well as the industry's key trading partners of retail goods and services.Visit the National Retail Federation: www.nrf.com "