New York, NY, January 4, 2006--Chain store sales fell in the final week of 2005 as heavy discounts at the end of the holiday period offset sometimes-heavy traffic during the week, according to a report on Wednesday.
Sales fell 0.8 percent in the week ended December 31, after rising 2.8 percent in the prior week, according to the report produced by the International Council of Shopping Centers (ICSC) and UBS Securities LLC.
Compared with the same week a year ago, sales were up 2.9 percent, below the 3.9 percent growth in the prior week.
"Although the final week of December had some strong days, heavy discounts at the end of the month decreased the week-over-week sales pace," said Michael P. Niemira, ICSC's chief economist and director of research.
But Niemira added that: "Sales for the month and the holiday season remain on track for a moderate increase of 3.0 percent to 3.5 percent, on a year-over-year basis."
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.
