WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released
Tuesday:
After seeing their weekly sales slide last week as a result of
Hurricane Irene, retailers enjoyed their largest weekly sales gain since
July 2 (+1.5%) as sales bounced back and rose this past week. Overall
for the week ending September 10, weekly retail sales rose by 1.3
percent, according to the ICSC-Goldman Sachs Weekly Chain Store Sales
Index. On a year-over-year basis retail sales also improved and rose by
3.3 percent.
“Consumers brushed off the last lingering effects of Hurricane
Irene in the Northeast and gave retailers a positive sales week overall
for the second week of September,” said Michael Niemira, ICSC vice
president of research and chief economist. “Moving forward and with the
last portion of the back-to-school shopping season coming to a close the
next few weeks look promising for retailers,” Niemira added.
For September, ICSC Research anticipates that the industry
comparable-store sales pace will likely fully recover its momentum to
yield an increase of between 4.0 to 5.0 percent and by 3.0 to 4.0
percent, excluding the impact of fuel.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]
