New York, NY, March 21, 2006--Chain store sales dipped for the first time in just over a month; shopping activity followed the weather, according to a report on Tuesday.
Sales moved down 0.1 percent in the week ended March 18, after edging up 0.1 percent in the prior week for the fourth straight week, according to the report, produced by the International Council of Shopping Centers and UBS Securities LLC.
The ICSC also said sales rose 3.4 percent last week versus the same year-earlier week. In the previous week sales were up 3.7 percent versus the same week a year ago.
"This past week featured sharp swings in temperatures which created some volatility for the demand of seasonal goods," said Michael P. Niemira, ICSC's chief economist and director of research. "As a result, sales ended the week on a negative note."
"For March, ICSC continues to expect industry same-store sales to rise by approximately 2.5 percent to 3.0 percent, on a year-over-year basis," Niemira added.
