U.S. chain-store sales rose 4.2 percent year on year for the week that ended on April 28, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. However, on a week-to-week basis, comparable-store sales declined, albeit by just 0.3 percent.
“Sales for the week finished on a softer side as a late-season nor’easter moved up the East Coast and chillier than normal temperatures throughout the country cooled overall spending,” said Michael Niemira, ICSC’s vice president of research and chief economist. “For April, ICSC expects that comparable-store sales will increase between 3 percent and 4 percent compared with a ‘tough’ Easter‐sales‐inflated gain of 8.5 percent in April 2011 when retailers report their monthly sales numbers for April this Thursday, May 3.”
The weekly chain-store sales snapshot is produced by ICSC and Goldman Sachs to measure U.S. nominal same-store, or comparable-store, sales while excluding restaurant and vehicle demand. The weekly sales index is presented on an adjusted basis to account for normal seasonality and other data anomalies.