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May Chain Stores Sales Up 4.1 Percent

Posted on: Thursday, 1 June 2006, 15:00 CDT

U.S. chain store sales in May rose 4.1 percent over the comparable month last year, an industry group reported Thursday.

The International Council of Shopping Centers Inc. said last month's figures were better than expected as wholesale clubs led the way posting an increase of 7.2 percent.

Luxury chain stores continued strong gains as sales rose by 6.1 percent. Department chain stores also performed well as sales increased by a solid 6.7 percent. Rounding out the month, discounters and apparel chain stores saw moderate increases as sales rose by 2.7 percent and 2.1 percent, respectively.

Even with all the concerns over higher energy costs throughout the month, there remains an underlining breath of strength within consumer spending and the non-automotive retail spending categories, said Michael Niemira, ICSC's chief economist and director of research. This is an encouraging sign, especially as we begin to wrap-up the first six months of 2006. For June, ICSC expects same-store sales to increase by 3.0 percent, on a year-over-year basis, as the industry faces a much tougher comparison of 5.2 percent from a year ago, Niemira added.

Source: United Press International

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