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RAPAPORT... U.S. chain-store sales rose 3 percent year on year for the week that ended on July 7, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. On a week-to-week basis, comparable-store sales rose 2 percent in large part due to the July 4th holiday. “This past week featured a number of factors –- extreme hot weather, Independence Day and vacations –- all of which helped to spur sales of summer-related goods,” said Michael Niemira, ICSC's vice president of research and chief economist. “As positive as the results were, this first fiscal week of July is traditionally a quiet week relative to later in the month when back-to-school shopping kicks-in.” ICSC Research anticipates that comparable-store sales will increase by between 1 percent and 1.5 percent. 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.
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