Retail sales grew moderately in March after two straight months of declines, according to the new CNBC/NRF Retail Monitor report released on Monday. Total retail sales, excluding automobiles and gasoline, were up 0.6% seasonally adjusted month over month and up 4.75% unadjusted year over year in March.

NRF President and CEO Matthew Shay noted most of the spending came before President Trump's Liberation Day tariff announcement. 

"The pullback we’ve seen the past few months comes despite strong economic fundamentals. A major factor appears to be driven by the uncertainty caused by tariffs. March’s increase is partly the result of stocking up to get ahead of tariffs. With the economic outlook unclear and the situation fluid, consumer sentiment is weakening, and many consumers are shifting disposable income into savings."

The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobile dealers and gasoline stations) was up 0.4% month over month in March and up 5.07% year over year. That compared with a decrease of 0.22% month over month and an increase of 4.11% year over year in February.

Notably, a survey conducted for NRF by Prosper Insights & Analytics found 46% of consumers said they were stocking up on household appliances, clothing and other items in early March because they were worried they would become more expensive because of tariffs. Sales at clothing and accessories stores were up 0.76% month over month seasonally adjusted in March and up 2.37% year over year unadjusted. Meanwhile, sales at general merchandise stores were up 0.48% month over month seasonally adjusted and up 7.62% year over year unadjusted, which could be a strong read for Walmart (WMT), Target (TGT), and Costco (COST).

Sales of digital products were up 0.79% month over month seasonally adjusted and up 27.62% year over year unadjusted. Those marks bode well for Amazon (AMZN).

The U.S. Census Bureau will release the official March Retail Sales report on April 16.