Research >> Economics
ICSC Chain Store Sales slipped 1.0% in May 4 Wk
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U.S. chain-store sales rose 2.4 percent year on year for the week that ended on May 4, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. However, retail sales slipped 1 percent week-to-week as winter weather impacted the upper Midwest and Rocky Mountain states and gasoline prices rose nationwide, according to ICSC.
"There were lots of cross-currents over the past week with weather ‘good’ or ‘bad’ in different parts of the country, an uptick in gasoline prices and improving high-end consumer confidence,” said Michael Niemira, ICSC's vice president of research and chief economist. “Overall, we expect that monthly sales results for April will be on track for about 2 percent gain (about 3 percent less drug stores) when retailers report their April sales on Thursday, May 9, 2013.”
The weekly chain-store sales snapshot is produced by ICSC and Goldman Sachs to measure U.S. nominal same-store, or comparable-store, sales while excluding restaurant and vehicle demand. The weekly sales index is presented on an adjusted basis to account for normal seasonal and other data anomalies.
Posted: May 7, 2013 Tuesday 07:45 AM