The National Retail Federation revised its 2014 annual sales forecast Wednesday morning after lower-than-expected growth of 2.9 percent for the first half of 2014. The drop is largely attributed to this year's extreme winter weather. The NRF projects an improved second half of 2014 with expected growth of 3.9 percent. Company spokesperson Kathy Grannis pointed to the second half of the year as a naturally busier time in retail with back-to-school, Halloween and Christmas as key drivers. Still, the revised estimates would bring retail growth for the year to 3.6 percent, down from an original estimate of 4.1 percent. TheStreet's Julie Cerullo reports from New York.