March 14 (UPI) — U.S. retail sales bounced back in February after a down month to start the year, the U.S. Census Bureau reported Thursday.
Seasonally adjusted retail sales totaled $700.7 billion for February up 0.6% from January and sales were up 1.5% from February 2023.
Total sales from December to February were up 2.1% from the two-month period last year.
The Census Bureau Thursday also revised the sales figures for January 2024 from down 0.8% to down 1.1%. That brought January sales to $696.7 billion.
The upwards bump in February sales came as retailers were closing stores and restructuring to adjust to retail market conditions.
Dollar Tree announced plans to close 1,000 stores Wednesday, 600 of them set to happen this year. The company said the closings were prompted by a mix of “elevated shrink, product cost inflation” and other factors.
Macy’s said in late February they were going to close up to 150 stores deemed “underproductive locations”, over the next two years, including about 50 by the end of the fiscal year.
