Sluggish growth in the first half of the year led the National Retail Federation to lower its retail sales forecast for 2014.
The trade group said on Wednesday it now expects retail sales to grow 3.6 percent this year, down from its 4.1 percent January forecast.
The NRF estimates that sales grew 2.9 percent during the first half of the year, and expects sales will rise at least 3.9 percent in the second half.
The industry’s sluggishness can be attributed in part to the severe weather that kept consumers out of stores at the beginning of the year. Looking forward, the organization expects sales to grow “significantly faster” over the next five months.
“No retail was immune to the doldrums witnessed during the first quarter, and as a result, the year’s growth trajectory was impacted,” NRF President and CEO Matthew Shay said.