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US chain store sales slip in the latest week

US chain store sales slip in the latest week
Tue Apr 26, 2005 07:45 AM ET

NEW YORK, April 26 (Reuters) - U.S. chain store retail sales slipped in the latest week, as cooler weather slowed the demand for spring apparel and other seasonal goods, a retail report said on Tuesday.

Sales fell 0.3 percent in the week ended April 23, compared with a 1.0 percent increase the previous week, the International Council of Shopping Centers and UBS said in a joint report.

Compared with the same week a year ago, sales held essentially steady at 4.0 after a 3.9 percent rise the preceding week.

"Clearly, seasonal apparel demand continues to be sensitive to weather and, over the last week with temperatures flipping from summer to winter-like, consumers once again held back their desire for spring apparel and other seasonal goods," said Michael Niemira, ICSC's chief economist and director of research.

"Despite this week's sales decline, we continue to expect comp-store sales will grow by 2.0 percent for the month of April," Niemira added.

The ICSC-UBS Weekly Chain Store Sales Snapshot is compiled from a group of major discount, department and chain stores across the country that report their weekly results.


LINK: http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=8296412