US ICSC-GS Weekly Store Sales +0.3% in July 23 Week

WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released
Tuesday:

The positive retail beat continued for the fourth consecutive week
as retail sales rose slightly as a result warm weather and seasonal
clearance sales. Overall for the week ending July 23, weekly retail
sales rose by 0.3 percent, according to the ICSC-Goldman Sachs Weekly
Chain Store Sales Index. On a year-over-year basis the pace of retail
sales remained positive but slowed to 4.2 percent from the prior week.

“Over the past week unseasonably warm weather helped to keep the
positive retail sales momentum going,” said Michael Niemira, ICSC vice
president of research and chief economist. “As retailers close out the
fiscal month of July, overall sales results were positive for the entire
month as summer clearance and warm weather drove sales,” 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.

** Market News International Washington Bureau: 202-371-2121 **

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