|U.S. weekly chain-store sales rose 2.3 percent year on year for the week that ended on March 16, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs.|
On a week-to-week basis, comparable-store sales rose 1.4 percent. “Sales were stronger over the past week as weather turned more moderate -- for the moment -- and business strengthened for grocery stores, apparel stores, discounters and wholesale clubs,” said Michael Niemira, ICSC's vice president of research and chief economist. “However, with the projected cold front blanketing in the U.S. this week, retailers will struggle to entice consumers to buy those spring and Easter apparel items.” ICSC's guidance for the month of March reveals a comparable-store sales increase of 3 percent to 4 percent, primarily due to an early Easter, which falls on March 31.
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 seasonal and other data anomalies.