WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:
As the final fiscal week of February came to a close, retailers’
sales rounded out the month on a slightly negative note with cross
currents from the positive impact of warmer seasonal weather in parts of
the country spurring spring seasonal demand along with an improving
national economy and a negative impact from rising gasoline prices
reducing consumer purchasing power. That tug of war resulted in a mixed
performance for retail sales with a slight decline of 0.5 percent on a
weekly basis ending February 26, according to the ICSC-Goldman Sachs
Weekly Chain Store Sales Index. However, on a year-over-year basis,
sales continued to improve and grew by 3.3 percent.
“Sales were choppy during the month with typical weather impacts
that tend to get amplified in low volume monthssuch as Februaryand a
calendar shift in the Presidents’ Day holiday compared with the prior
year,” said Michael Niemira, ICSC vice president of research and chief
economist. “But overall, the months trend performance was good and
likely helped by an improving economy, despite some increasing drag from
rising gasoline prices,” Niemira added.
For February, ICSC Research believes that consumer fundamental
remain intake and anticipates an overall comparable industry sales gain
of between 2.5 to 3.0 percent when most retailers report their monthly
comparable-store sales on Thursday, March 3, 2011.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]
