Retail Sales Up in Week but Down Vs. Last Year

New York, NY, Feb. 3, 2009–There was continued contraction in two key U.S. retail sales surveys in the week ending Jan. 31.

The ICSC-Goldman Sachs survey reported that chain store sales fell by an annual pace of 2.5%, after dropping 2.4% the week prior.

On a weekly basis, sales were up 1.6%.

Nevertheless, Michael P. Niemira, chief economist with ICSC, said “though January ended with a solid sale increase for the week, sales volatility clearly continues for retailers and the industry amid a weak year-over-year trend.”

The news was in-line with the Johnson Redbook retail survey, which recorded a 2.7% decline in the week compared to the same period last year. In addition, sales to date in January fell back 2.7% compared to December.