November Retail Sales Report Highlights
The U.S. Census Bureau reported a 0.6% month-over-month and 3.1% year-over-year increase in retail sales for November 2023. Core retail sales, excluding auto and gasoline sales, rose 0.4% month-over-month and 4.4% year-over-year. Notably, nonstore retailers, including e-commerce giants like Amazon, experienced a 7.2% increase in sales this November.
In the sporting goods sector, sales jumped 7.8%, while clothing stores reported a 7.5% increase, benefiting companies like Nike and Dick’s Sporting Goods. On the other hand, home furnishings and building materials saw declines of 1.4% and 2.8% respectively, indicating potential struggles ahead for companies like RH and Home Depot.
The retail landscape shows a mix of opportunities and challenges, with particular strengths in e-commerce and sporting goods, while traditional sectors like home improvement continue to face headwinds.
