Research >> Economics
ICSC Chain Store Sales increased 0.4% in Jul 9 Wk
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As most of the countrys weather heated up this past week so did weekly retail sales giving retailers their third consecutive week of positive sales results. Overall for the week ending July 9, weekly retail sales rose once again by a modest 0.4 percent, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. However, on a year-over-year basis retail sales soared by 5.5 percent from the prior week – the largest year-over-year increase in well over a year (April 24, 2010).
“The healthy sales momentum continued from June into the July fiscal month, helped by hot weather,” said Michael Niemira, ICSC vice president of research and chief economist. “As we move through the next few weeks summer clearance sales, as well as back-to-school spending will set the pace for sales throughout the month,” Niemira added.
ICSC Research expects July sales will likely increase between 4.5 to 5.5 percent –more in line with its year-to-date trend — and by 3.5 to 4.5 percent, excluding the impact of fuel.
Posted: July 12, 2011 Tuesday 07:45 AM