WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:
For the fourth consecutive week retailers saw their weekly sales
decline as a confluence of factors seem to be softening consumers’
willingness to spend. As a result, for the weekly ending August 24,
weekly sales slipped by 0.4 percent — the longest stretch since
September 2008, according to the ICSC and Goldman Sachs Weekly Chain
Store Sales Index. On a year-over-year basis, the sales index slowed to
2.3 percent, however, continued to remain positive.
“Sales growth receded again as lingering hot weather curbed the
demand for fall and back-to-school clothing, weak pricing power
restrained the nominal reported spending pace and a general economic
malaise slowed the consumers’ desire to spend,” said Michael Niemira,
ICSC director of research and chief economist. “Overall demand is modest
and ICSC Research continues to expect monthly comparable or same-store
sales for August — which largely will be reported on September 2 — to
rise about 3.0 percent, which is consistent with recent monthly trends,”
Niemira added.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]