New York, September 8--U.S. chain store sales in the first week of September finished flat, due in part to a later Labor Day and Hurricane Francis, a report said on Wednesday.
Sales were flat in the week ended September 4, compared with a 0.2 percent decline in the previous week, the International Council of Shopping Centers and UBS said in a joint report. Compared with the same week a year ago, sales increased by 2.1 percent, down from the 2.6 percent pace of the preceding week.
"This past week we saw both positive and negative factors affecting retail sales the positive being a calendar shift for Labor Day while the negative being Hurricane Frances," said Michael Niemira, ICSC's chief economist and director of research.
"Looking forward, we expect sales for September to grow by approximately 2.0 to 3.0 percent year-over-year rate," Niemira added.
The ICSC-UBS Weekly Chain Store Sales Snapshot is compiled from a group of major discount, department and chain stores across the country that report their weekly results.
