New York, September 14--Chain store sales increased slightly in the latest week, due in part to Labor Day sales and back-to-school shopping, a report said on Tuesday.
Sales rose by 0.2 percent in the week ended September 11, compared with sales flat 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 2.7 percent, up from the 2.1 percent pace of the preceding week.
"This past week we saw sales rise slightly on the heels of Labor Day sales, back-to-school shopping and the lingering sales tax holiday in New York State," said Michael Niemira, ICSC's chief economist and director of research.
"This month we face tougher year over year comparisons and for that reason we expect sales 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.
