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02/09/2011 -
Although Hurricane Irene left a wide trail of destruction in its wake at the end of August, retail sales for the month were still strong, with many merchants processing credit cards and other methods of payment.CNBC reports that retail sales in August actually surpassed analysts' expectations, with the Thomson Same-Store Sales Index projected to see a 4.6 percent gain, a marked improvement from the 3.2 percent increase it saw during the same month last year.
Many consumers have been more hesitant to rack up big shopping bills because of the shaky economy, but the back-to-school season is generally a time of strong sales for retailers.
Retail Metrics president Ken Perkins told MarketWatch that in light of all the economic and natural challenges, the month was "pretty solid."
He added that there were "no summer doldrums in August. September should benefit from [back-to-school] selling as well as Irene pushing some sales into the month. It should be a decent holiday season."
But like the hardest-hit communities in the hurricane's path, not all retailers were able to escape the damage following the storm. According to MarketWatch, some retail stores with locations on the East Coast did report lower sales as a result of the weather. Overall, however, the industry escaped the month with strong bottom lines.
