First ICSC-Goldman and now Redbook report weak sales in the March 1 week, at a year-on-year same-store plus 2.9 percent rate for Redbook which is unchanged from the prior week. Redbook's month-to-month comparison is down 1.3 percent which points to weakness for the government's ex-auto ex-gas reading for February. And Redbook sees weakness for March as well as this year's Easter is three weeks later than last year which will push sales into April at March's expense. Individual chain stores will post their February 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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