Chain Store Sales Flat in First Two Weeks of March

The International Council of Shopping Centers and Goldman Sachs Retail Chain Store Sales Index fell 0.1% in the week ended March 14 from its level a week before, on a seasonally-adjusted, comparable store basis.

On a year-on-year basis, retailers saw sales decline by 1.4% in the latest week. "The sales pace weakened over the last week as colder temperatures and wetter conditions around the nation slowed customer traffic - especially at department stores - and with it weakened spending further," said Michael P. Niemira, ICSC chief economist.

The weekly result Tuesday followed a weekly gain of 0.2% in the prior week and a decline of 0.6% in the week before that.

Redbook: U.S. chain store sales were flat in the first two weeks of March compared with the previous month, according to Redbook Research's latest indicator of national retail sales released Tuesday.

The result undershot the targeted 0.4% gain, according to the report.

"Sales picked up modestly in the second week, but remained below plan for the week and month to date," Redbook researchers wrote in their weekly update.

Retailers reported improved trade "in a range of seasonal product categories, from spring apparel to sports equipment and gardening tools," the release noted.

The Johnson Redbook Index also showed seasonally adjusted sales in the first two weeks of March fell 1.2% compared with March 2008, outpacing the 0.8% targeted drop.

Redbook said on an unadjusted basis, sales in the week ended March 14 were down 1.1% from the same week in 2008, after a 1.4% decline the previous week.

March is a five-week month in the retail calendar, ending April 4.

Disclosure: no positions

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Jun 22 05:30 AM