ICSC-Goldman had been reporting weakness for the early part of May but not for the May 18 week where sales rose 0.2 percent for a standout year-on-year pace of plus 3.1 percent. The year-on-year pace compares with only plus 1.2 percent in the prior week and is the strongest pace since January. The report attributes the gain to pent-up demand following the prior week's soft sales and to warm weather in parts of the country.
But the week's gain isn't enough for ICSC-Goldman to lift its full month outlook which is flat to negative, forecasting a year-on-year 2.0 to 3.0 percent rise vs April's 3.0 percent gain. Redbook, which reported stronger rates of sales earlier this month, will post its May 18 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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