Abnormally cold weather once again pulled down store sales, according to ICSC-Goldman whose same-store sales index fell 2.0 percent from the prior week for a year-on-year rate of only plus 1.2 percent. This is the lowest since a plus 1.0 percent rate in mid-March when cold weather was also hurting sales. These are the two lowest year-on-year rates for this series of the recovery. The report describes conditions as rollercoaster and sees the risk of slowing for May, forecasting a year-on-year pace of plus 2.5 to 3.0 percent for the month vs April's 3.0 percent.
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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