Retailers worry about gas prices
NEW YORK — Retail revenue surged in April helped by a late Easter holiday. The gains build on a trend that began late last year, but higher gas prices threaten to cut into consumers’ spending power.
Overall, revenue at major retailers was 8.5 percent higher than last April, according to the International Council of Shopping Centers’ tally of 28 retailers’ results. That was better than the 5 percent to 6 percent increase projected by the trade group’s chief economist, Mike Niemira.
The figures are based on revenue at stores open at least a year. That is considered a key indicator of a retailer’s health because it excludes results from stores opened or closed during the year.
The increase is not as robust as it looks because Easter fell on April 24, three weeks later than last year and inflated the April figure by 3 to 5 percentage points and hurt March by the same amount.
By The Associated Press
