New York, NY, July 26--Chain store retail sales rose for the fourth consecutive week, as seasonal goods continue to push sales, a retail report said on Tuesday.
Sales rose 0.4 percent in the week ended July 23, compared with a 0.3 percent increase 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 grew 4.2 percent after a 4.0 percent rise the preceding week.
"Over the course of the last week, chain store sales continued to be in a 'transition phase' from summer clearance to back-to-school," said Michael Niemira, ICSC's chief economist and director of research.
"Hot weather goods continued to sell well, while back-to-school demand seemingly is slow going, even as the first round of state sales tax holidays kicked in (in Florida). The bulk of state tax holidays and back-to-school demand will be reflected in August sales" Niemira added.
For the month of July, ICSC expects the year-over-year comparable-store sales growth to be up to the stronger side of four percent.
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.
