Weekly Chain Store Sales Off
New York, NY, April 24, 2007--Chain store sales decreased by 0.3% in the week ended April 21 from its level the week before, according to the International Council of Shopping Centers-UBS Retail Chain Store Sales Index.
On the year, chain store sales were up 2.1% in the week ended April 21 compared with a rise of 2.3% the prior week.
"Sales continue to be dramatically impacted by shifts in the calendar, due to the date of Easter, and dramatic shifts in weather patterns," said Mike Niemira, chief economist at ICSC who compiles the index. "Despite our best efforts to seasonally adjust these data, there is a bit more uncertainty around these numbers for April. As such, it is best to step back from the weekly wiggles in the sales index and look at the broader trend. Over the last four weeks, which better captures that trend, sales grew by 3.5% on a year-over-year basis. For April, we continue to expect a monthly comp-store sales performance that is close to `flat' on a year-over-year basis given current weather patterns and the Easter calendar shift."