Econintersect: Bank of Tokyo-Mitsubishi UFJ (BTMU) USA same store sales increased 2.1% in March 2011 year-over-year – yet most of this increase may be due to inflation. The relatively weak March sales may be partially due to Easter this year falling three weeks later in April.
According to BTMU:
High gas prices are still a major concern, however. Average retail gas prices increased +10.8 percent in March to $3.62/gallon and are already up another +3.4 percent in early April. In March, inflated fuel prices added much to the same-store sales results of wholesalers such as Costco, BJ’s, and Duckwall-ALCO. Barring the effects of higher gas prices, same-store sales in March were up only +1.0 percent. What level of gas prices will be the breaking point for households?