WASHINGTON (MNI) – The following is are excerpts from the
commentary from the ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot
released Tuesday:
Mixed results continue to rule in June as weekly sales turned
positive while sales momentum slowed on a year-over-year basis for
retailers this past week. Overall, for the week ending June 23, weekly
retail sales rose dramatically by 2.0%, according to the International
Council of Shopping Centers (ICSC) and Goldman Sachs Weekly Chain Store
Sales Index. On a year-over-year basis, however, retail sales lost some
of its momentum and slowed to 2.7% over last year.
“June has been a tough month for retailers as mixed results have
ruled as weekly sales have swayed between positive and negative results
throughout the month,” said Michael Niemira, ICSC vice president of
research and chief economist. “Weather was a mixed factor this week as
well as it helped to lift seasonal sales in the East with the first heat
wave of the season from Boston through Philadelphia. With the fiscal
month coming to a close this week, retailers will continue to deal with
consumers’ uncertainty in regards to the economy, but benefit from
falling gasoline prices helping consumer budgets,” Niemira added.
For the month of June, ICSC Research is lowering its forecast by
0.5 percentage points and now expects a gain in industry
comparable-store sales, excluding drug stores, of about 3.0% to 3.5%
following the May rise of 4.0%. Including drug store sales, the industry
tally is likely to be about two percentage points weaker.
** MNI Washington Bureau: 202-371-2121 **
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