WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:
Warm weather and rising gasoline prices combined this past week
giving consumers a reason to pause and thus collectively softening sales
for retailers this past week. As a result, retailers experienced a
weekly sales decline of 1.0%, according to International Council of
Shopping Centers (ICSC) and Goldman Sachs Weekly Chain Store Sales
Index. On a year-over-year basis, retail sales also slowed by 2.7%.
“A blast of warm temperatures rolled in again and gasoline prices
continued to climb, which collectively helped to soften sales this past
week,” said Michael Niemira, ICSC vice president of research and chief
economist. “The results this past week continue a relatively choppy
sales pattern that the industry has been experiencing since January and,
as a result, monthly comparable store sales are likely to mirror this
when retailers report their February sales results on Thursday, March
1,” added Niemira.
For February, ICSC Research continues to anticipate
comparable-store sales for the retail industry will increase by 3.0 –
3.5%.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]
