Heavy weather on the Eastern seaboard pulled store sales sharply lower in the June 8 week, down 2.7 percent from the prior week's rate for a year-on-year rate of only plus 2.2 percent. This is the lowest year-on-year rate in four weeks and is a very steep 2.1 percentage points below the prior week's 4.3 percent rate. ICSC-Goldman reports declines across most components including drug stores, office supply stores and wholesale clubs.
Today's report points to a slow start for June retail sales. Retail sales for May will be posted by the government on Thursday. Redbook will post its results for the June 8 week 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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