A bout of warmer weather gave a boost to the kick-off of the summer shopping season in the May 31 week, according to ICSC-Goldman whose same-store sales index surged a weekly 2.9 percent for a year-on-year rate of plus 3.1 percent. The 4-week average for the year-on-year rate is plus 2.9 percent which, along with the May 17 week, matches the best rate since this time last year. Redbook will post its 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.
Why Investors Care