New York, NY, June 24--Chain store retail sales rose 0.6 percent in the week ended June 11, compared with a 0.4 percent rise 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 momentum also improved, rising 3.7 percent compared with a 3.3 percent rise the preceding week.
"Last week's warmer than normal temperatures helped to drive demand for seasonal and summer-related merchandise in the eastern United States," said Michael Niemira, ICSC's chief economist and director of research.
"With Father's Day approaching and continued projections of warmer weather to come, retail sales for June are looking quite positive and promising," Niemira added. "Given this, ICSC has readjusted its monthly estimate and now expects retail sales to rise by 3.5 percent to 4.0 percent on a year-over-year basis for June," he said.
The U.S. Father's Day holiday falls on Sunday June 19.
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.
