New York, NY, December 20, 2005--Chain store sales rose solidly in the latest week as consumers appeared to come out in force doing last-minute shopping before the Christmas holiday, according to a report on Tuesday.
Sales were 2.4 percent higher in the week to December 17 after rising just 0.9 percent in the prior week, according to the report, which is produced by the International Council of Shopping Centers and UBS Securities LLC.
Compared with the same week a year ago, sales were up 3.9 percent, after a 3.2 percent rise in the prior week, the report said.
"Consumers are waiting even longer this holiday season to wrap up their shopping," Michael P. Niemira, ICSC's chief economist and director of research, said in a statement. "With only 26 percent of households having completed their holiday shopping through Sunday, December 18, this holiday season will certainly come down to the wire."
"Despite this late shopping, 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," 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.
