Chain store sales rise in latest week: ICSC
Posted on: Tuesday, 11 April 2006, 07:57 CDT
NEW YORK (Reuters) - Weekly U.S. chain store sales rose for the first time in a month as warmer weather across much of the country drew shoppers back into stores, a report said on Tuesday.
Sales rose 1.8 percent in the week ended April 8 after an unchanged reading the week before, the International Council of Shopping Centers and UBS said in a joint report.
"As Mother Nature turned kinder this past week, demand for Easter merchandise and Spring-related items finally drove sales," said Michael Niemira, chief economist at ICSC. "For April, ICSC expects monthly chain store sales to rise by 5.0 percent to 5.5 percent on a year-over-year basis."
Compared with the same week a year ago, sales rose 3.9 percent, well above the prior week's 2.4 percent increase.
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.
Source: REUTERS
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