Latest Week	Latest Month
			vs.     vs.	vs.	   vs.
		 Same Week Previous	Same Month Previous
		 Last Year     Week     Last Year  Month

Total Sales	 7.2%		0.9%	6.5%		—1.5%
Same-Store Sales 4.1%		0.5%	3.8%		—1.4%

The Redbook total- store average in the fourth and final week of retail November rose to 7.2% from 6.3%. The average for the month increased to 6.5% from 6.3%, and the month-on-month change versus October rose to —1.5% from —1.7% the previous week. The latest results, which included the Thanksgiving weekend, put our model back on its November target.

Most retailers reported firm gains for the week, although there were category differences. The national department stores, for instance, had struggled with disappointing, below-plan sales throughout the month, especially in apparel, and the final week failed to significantly change the situation, although sales volume in hard lines improved. By contrast, regional department stores said the final week produced the strongest gains of the month, with solid demand focused on apparel (especially women's) and on traditional seasonal goods, largely fulfilling their expectations for Thanksgiving and the start of the holiday shopping season. Discounters also reported solid sales gains across a range of their typical product lines from consumables to toys.

Several retailers in Redbook's sample faced tough annual comparisons in November and over the Thanksgiving week, the legacy of last year's strength. Consequently, targets for the month were relatively modest, and our sample by and large expressed its satisfaction with the way business turned out. Early indications for December are in a comparable tone of guarded optimism, with same-store gains projected to be in a similar 3.5-4.0% range, although this target will be finalized in next week's report.

The same-store average for the week rose to 4.1% from 3.7%, and the same-store month-to- month change versus October was on target at —1.4% after —1.5 the previous week.

Retailer target is the weighted mean of the sales growth targets set by Redbook's retailer sample at month-opening, and remains fixed for the duration of the month. Redbook forecast is updated weekly, except in the final week.

		Retailers Target	Redbook Forecast
		Yr-on-YrMth-to-Mth	Yr-on-YrMth-to-Mth
Total Sales	 +6.5%		—1.5%	+6.5%		—1.5%
Same-Store Sales +3.8%		—1.4%	+3.8%		—1.4%

December 2, 1997 Redbook Research

A Division of Lynch, Jones, & Ryan, Inc.

Statistics

12/02 CHICAGO BOT DELIVERABLE GRAIN STOCKS

12/02 REDBOOK RETAIL AVERAGES Retail Sales Index

12/04 UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

12/01 U.S. EXPORT INSPECTIONS

12/04 EXPORT SALES REPORT

12/01 NAPM REPORT ON BUSINESS

12/02 COMPOSITE INDEXES OF LEADING, COINCIDENT, AND LAGGING OCTOBER 1997

12/02 OUTLOOK FOR U.S. AGRICULTURAL EXPORTS

12/01 OCTOBER 1997 CONSTRUCTION AT $605.5 BILLION ANNUAL RATE

12/04 HOUSING COMPLETIONS SUMMARY OF FINDINGS

12/03 OCTOBER 1997 NEW HOUSING SALES AT ANNUAL RATE OF 797,000

12/04 PRODUCTIVITY AND COSTS Third Quarter 1997

12/05 THE EMPLOYMENT SITUATION NOVEMBER 1997

12/05 MANUFACTURERS' SHIPMENTS INVENTORIES AND ORDERS OCTOBER 1997

Consensus National Futures and Financial On Line Index

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