Store sales burst higher last week, up 1.9 percent for year-on-year same-store growth of 4.3 percent which is the highest rate since May last year. ICSC-Goldman attributes the jump to pent-up demand going into the Memorial Day weekend. But the report notes that sales this spring have been up and down and it warns that the strengthening may not last. ICSC-Goldman is holding to its full-month May forecast for a year-on-year gain of 2.0 to 3.0 percent, which doesn't point to monthly growth from April when ICSC-Goldman's rate came in at 3.0 percent. Redbook will post its weekly 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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