First ICSC-Goldman and now Redbook report softness in the May 4 week. Redbook's year-on-year same-store sales rate is down 5 tenths to plus 2.3 percent with the report's month-to-month reading very weak, down 2.5 percent for a second week which points to weakness for the government's April reading on ex-auto ex-gas sales. Warning that results fell below target in April, Redbook notes the month was hurt by this year's early Easter which moved sales into March at the expense of April. Chain stores will report their monthly sales on Thursday.
A weekly measure of comparable store sales at chain stores, discounters, and department stores. It is a less consistent indicator of retail sales than the weekly ICSC-Goldman index. It is also calculated differently than other indicators. For instance, figures for the first week of the month are compared with the average for the entire previous month. When two weeks are available, then these are compared with the average for the previous month, and so on through the month. It might be more useful to compare year-over-year figures since these are indeed compared to the comparable week a year ago. This index is correlated with the general merchandise portion of retail sales covering about 10 percent of total retail sales.
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