–Correcting Headline in 7:45 ET Text
WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:
Mild temperatures combined with a light sales volume week caused
weekly retail sales to drop for retailers. As a result, for the week
ending February 11, 2012, retailers experienced a sharp weekly sales
decline of 2.0%, according to International Council of Shopping Centers
(ICSC) and Goldman Sachs Weekly Chain Store Sales Index. On a
year-over-year basis, retail sales continue to remain positive but
slowed to 2.8%.
“Sales dipped over the past week on relatively light-volume sales
and abnormally mild temperatures across the country,” said Michael
Niemira, ICSC vice president of research and chief economist. “Although
temperatures started out mild, the week got much colder by the end of
the week which helped to drive what is left of winter clearance,” added
Niemira.
For February, ICSC Research anticipates comparable-store sales for
the retail industry will increase by 3.0 – 3.5%.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]
