Big Chains' Retail Sales Are Depressed: Big Retail Chains Post Depressed Sales in June
Cool weather and the stagnant economy depressed sales at the nationÛªs largest retail chains in June and deflated MayÛªs consumer spending kpree, analysts said yesterday.</br></br>Retailers said lackluster sales of weather-sensitive merchandise such' as air conditioners and apparel were partially responsible for the June slump.</br></br>ÛÏMore importantly, the poor performance .of most retailers in June reflected the still sluggish economic environment, coupled with high interest rates,Û said Jeffrey Feiner, senior retail analyst at Merrill Lynch,</br></br>Analysts attributed the May buying surge to cabin fever on the part of frustrated but still cautious consumers who had been snowbound by unseasonable April storms.</br></br>ÛÏWe do not expect to see any visible improvement in the retailing picture until the back-to-school selling season begins in mid-August,Û Feiner said. -Sears, the No. 1 retailer, said its sales for the five weeks ended July 3 dropped one percent to $1.85 billion from $1.87 billion in June 1981. Chairman Edward Telling blamed the decline on cooler weather and ÛÏexceptionally strongÛ year-ago sales. Sears had a 7.2 percent gain in May.