According to the U.S. Department of Commerce, even with low gas prices, retail sales were down in January of 2015. However, restaurants were one of the sectors that saw a boost in the first month of the year.
Wall Street Journal reporter Ben Leubsdorf spoke with Smoothie King President and COO Tom O’Keefe, who noted that lower gas prices have played a role in the company’s early 2015 success. Ben noted that Smoothie King enjoyed an 18 percent same-store sales surge in December 2014 over December 2013, and in January of this year are already up 16 percent from last year.
“If there’s more money in people’s pockets, if gas is less expensive, then that’s going to contribute to our business,” O’Keefe was quoted as saying.
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