Online retail sales grew 18.08% 12 months over 12 months in February, in keeping with CNBC and the National Retail Federation’s Retail Monitor. That’s a smaller increase than in January when online sales increased 25.47% 12 months over 12 months. February online and non-store sales also increased 0.8% month over month, the NRF said.
Meanwhile, total retail sales increased 6.3% in February. That was significantly more growth than in January, when total retail sales grew 2.34% 12 months over 12 months, in keeping with Retail Monitor. Total retail sales also increased 1.06% month over month. That figure excludes automobiles and gasoline but includes each in-store and online retail sales. Core retail sales, which also exclude restaurants, increased 0.95% month over month and 6.69% 12 months over 12 months.
“February retail sales indicate continued momentum from consumers,” NRF president and CEO Matthew Shay said. “While the long run direction of rates of interest and inflation stays uncertain, it’s clear that a powerful job market and increases in real wages are continuing to support spending.”
Impact of Leap Day on retail sales
Retail Monitor also shared sales data adjusted to remove the impact of an additional day in February this 12 months. With that adjustment, month-over-month sales increased 0.4%, in comparison with 1.06% unadjusted.
Total retail sales increased 2.7% 12 months over 12 months when adjusted for the additional day, and core retail sales increased 2.99%.
February online sales and other categories
Online sales are only one in every of the nine categories Retail Monitor and the NRF track monthly.
The opposite results, in unadjusted numbers, are:
- Sporting goods, hobby, music and bookstores (up 13.67% over February 2023; up 2.29% over January 2024)
- Health and private care stores (up 11.18% over February 2023; up 0.96% over January 2024)
- Clothes and niknaks stores (up 8.05% over February 2023; up 0.51% over January 2024)
- Grocery and beverage stores (up 5.29% over February 2023; up 0.99% over January 2024)
- General merchandise stores (up 3.34% over February 2023; up 0.67% over January 2024)
- Constructing and garden supply stores (up 2.84% over February 2023; up 0.01% over January 2024)
- Electronics and appliance stores (up 1.12% over February 2023; up 0.76% over January 2024)
- Furniture and residential furnishing stores (down 1.56% over February 2023; up 0.45% over January 2024)
Eight out of nine categories increased year-over-year sales. Furniture and residential furnishings stores were the one exception. Home Depot and Lowe’s, two of the biggest retailers within the category, each cited moderating sales amongst do-it-yourself customers in recent quarters that impacted their bottom lines.
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