Abnormally cold weather is chilling consumer demand for spring seasonal goods and is pulling ICSC-Goldman's same-store sales index sharply lower. Sales fell a weekly 1.7 percent for a year-on-year rate of only plus 1.0 percent which is the lowest of the recovery. The report notes that the average temperature in the week was 15 degrees colder than a year ago. Redbook will post its results later this morning at 8:55 a.m. ET.
This weekly measure of comparable store sales at major retail chains, published by the International Council of Shopping Centers, is related to the general merchandise portion of retail sales. It accounts for roughly 10 percent of total retail sales.
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