RAPAPORT... U.S. chain-store sales rose 2.3 percent year on year for the week that ended on September 7, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. Weekly comparable-store sales rose 1.5 percent.
“Sales for the first week of September bounced back after the softness the industry experienced late in August,” said Michael Niemira, ICSC's vice president of research and chief economist. “Business was largely stronger across most categories than the prior week, but consumer staples appeared to be the main driver of sales with grocery, drug and wholesale clubs taking the lead this past week.”
ICSC observed that same-store sales rose 3.6 percent in August, which was below expectations, and the group anticipates growth of about 4 percent in September. 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.