WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:
August began where July left off for retailers as sales declined
once again this past week. According to the ICSC and Goldman Sachs
Weekly Chain Store Sales Index, weekly sales were down by 0.2 percent
for the week ending August 7, 2010. On a year-over-year basis, the
sales index weakened a bit as yearly sales slowed by 3.7 percent.
“Sales moderated a tad during the first week of the August fiscal
month,” said Michael Niemira, ICSC director of research and chief
economist. “Back-to-school sales state tax holidays kicked in late in
the week for a number of states, which helped to drive customer traffic
in those states, but that was not enough to provide a nationwide lift to
the sales pace from the prior week. For the fiscal month of August,
sales are likely to increase by 3.0 percent as back-to-school demand
will drive sales by the end of the month,” Niemira added.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]
