WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:
After two consecutive weeks of sales improvement the rollercoaster
ride for retailers returned as week-over-week retail sales slipped
during this past week. Overall for the week ending June 11 weekly retail
sales declined by 0.8 percent, according to the ICSC-Goldman Sachs
Weekly Chain Store Sales Index. On a year-over-year basis retail sales
moderated marginally from the prior week to 2.4 percent.
“Although during the latest week the average national temperature
was modestly warmer than last year, it was markedly warmer than its
long-term trend for the comparable period. Additionally bouts of very
hot weather in the Midwest and East added to the motivation to spend on
seasonal goodsincluding for air conditioners and fansbut that was not
strong enough or broad enough motivation to offset the slower spending
trend for the week,” said Michael Niemira, ICSC vice president of
research and chief economist. “With fuel prices beginning to decline and
the official arrival of summer this week, consumers may be more willing
to spend of seasonal items as we head into the last two fiscal weeks of
June,” added Niemira.
ICSC Research forecasts that June industry sales will increase by
between 3.0 to 4.0 percent, excluding the impact of fuel, and between
4.0 to 5.0 percent with fuel sales included.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]