WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:
January ended on a negative note as disruptive weather patterns
continue to curtail consumers’ ability to shop as weekly retail sales
declined for the fourth consecutive week. Overall, for the week ending
January 29, sales decreased by 1.0 percent on a weekly basis, according
to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. In addition
to the weekly sales decline, sales on a year-over-year basis slowed once
again, but, did remain positive at 1.6 percent.
“Adverse weather continued to derail the consumers’ ability to shop
this past week and throughout January,” said Michael Niemira, ICSC vice
president of research and chief economist. “Retailers have experienced a
battery of severe storms throughout the month that will tend to
accentuate the weather-induced sales weakness, given January is
traditionally a low-volume month for sales,” Niemira added.
Most monthly reporting retailers will announce their January and
full fiscal-year sales performance on Thursday, February 3. ICSC
Research believes that although consumer fundamental have not
deteriorated, it is trimming its January industry sales forecast to 1.5
to 2.0 percent for comp-store sales as January’s snow accumulation for
the nation was considerably above its year-ago experience as
temperatures were much colder as well. However, ICSC Research also is
reaffirming its 2011 fiscal-year sales forecast for the industry of 3.0
to 3.5 percent and consistent with its 2010 fiscal-year trend.
** Market News International Washington Bureau: 202-371-2121 **
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