Middle-of-the-pack month for NAICS 444
Data shows the broad category of industry dealers flat compared to the prior month.
The U.S. Census Bureau’s Advance Monthly Sales report for August showed adjusted NAICS 444 sales holding steady. Sales of retailers described as building material and garden equipment and supplies dealers (444) were flat compared to the prior month, and up 3.3% compared to the same month last year.
On an unadjusted basis, the commerce department retail trade survey estimates 444 sales for the month of August at $33.67 billion.
Compared to other retail sectors, hardware and building supply fared in the middle of the pack. The biggest month-to-month movers were “Miscellaneous store retailers,” (2.3%); and Clothing and clothing accessories stores” (down 1.7%.).
On a year-over-year basis, NAICS 444 and its 3.3% increase ranks near the bottom, trailing other sectors such as Gasoline stations (up 20.3%); Nonstore retailers (up 10.4%); Clothing and accessories stores (up 6.3%) and Electronics and appliance stores (up 3.4)
For the big picture, the Census Bureau reported that advance estimates of U.S. retail and food services sales for August 2018, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $509.0 billion, an increase of 0.1% from the previous month, and 6.6% above August 2017.
Census also updated data for NAICS 44413 – hardware stores, a subset of NAICS 444. The latest data for hardware stores comes from the month of July and shows a decline compared to the prior month, and a gain compared to the same month last year.
Unadjusted NAICS 44413 sales were listed at $2.44 million for July 2018. They were $2.22 million in July 2017.
Hurricane Florence could cause $5 billion in damage
Now a Category 1 storm, Hurricane Florence could impact 8 North Carolina counties.
CoreLogic, the property information provider, estimates that Hurricane Florence could cause between $3 billion and $5 billion in losses.
The estimate includes wind and storm surge damage but does not does not include insured losses related to rainfall, riverine other flooding.
About 250,000 homes are expected to be impacted by the Category 1 Hurricane, making landfall in the Carolinas last evening.
CoreLogic’s projections are a heavy downgrade from its original estimates, made when the event was still Category 4 storm. Based on that strength, CoreLogic’s data had originally pointed to 800,000 homes in the path of the storm with an estimated $170 billion-plus in damage.
The Irvine, Calif. firm based its first estimates on 12 metro markets in the Carolinas and Virginia. Since the storm’s downgrade, new estimates are based on housing totals for 8 impacted counties in North Carolina.
Current damage estimates are projected at $2.5 billion to $4 billion for just North Carolina.
Sears Holdings losses double in Q2
Comp sales fall 3.9% at Sears and Kmart stores.
Sears Holdings Corporation, the parent company of Sears and Kmart stores, reported a second quarter 2018 net loss of $508 million.
For the second quarter 2017, Sears Holdings reported a net loss of $250 million.
The Hoffman Estates, Ill.-based retailer posted total revenues of $3.2 billion for the quarter, down nearly 26% from sales of $4.3 billion in the second quarter a year ago.
The company attributed some of the sales loss to a store closures in the past year.
Total comparable store sales declined 3.9% during the quarter, reflecting Kmart comparable store sales declining 3.7% and Sears comparable store sales declining 4% during the period.
As of Aug. 4, 2018, the company had utsed approximately $780 million of its $1.5 billion revolving credit facility due in 2020, consisting of $660 million of borrowings and $120 million of letters of credit outstanding, Sears Holdings reported.
Sears Holdings was expected to announce its second quarter financial results on the morning of Sept. 13, but the company delayed the report until after the close of trading.