U.S. chain-store sales increased 3.2 percent year on year for the week that ended on August 9, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. However, comparable-store sales fell 1.4 percent compared with the previous week.
“Business was a bit more mixed this past week, with electronic stores leading the way from a performance standpoint,” said Michael Niemira, ICSC's research consultant. “The good news is that consumers are continuing to get a break at the pump, which will free up their ability to spend on back-to-school purchases. I expect sales for August to show a healthy gain of 4 percent to 5 percent -- a notable improvement over the 3.6 percent gain in August 2013.”
The weekly chain-store sales snapshot is produced by ICSC and Goldman Sachs to measure U.S. nominal same-store, or comparable-store, sales while excluding restaurant and vehicle demand. The weekly sales index is presented on an adjusted basis to account for normal seasonal and other data anomalies.