Retail Sales Up in Week but Down Vs. Last Year

New York, NY, Feb. 3, 2009--There was continued contraction in two key U.S. retail sales surveys in the week ending Jan. 31.

The ICSC-Goldman Sachs survey reported that chain store sales fell by an annual pace of 2.5%, after dropping 2.4% the week prior.

On a weekly basis, sales were up 1.6%.

Nevertheless, Michael P. Niemira, chief economist with ICSC, said "though January ended with a solid sale increase for the week, sales volatility clearly continues for retailers and the industry amid a weak year-over-year trend."

The news was in-line with the Johnson Redbook retail survey, which recorded a 2.7% decline in the week compared to the same period last year. In addition, sales to date in January fell back 2.7% compared to December.