Chain Store Sales Fall in Latest Week

New York City, U.S. chain store sales fell 1% for the week ended May 28, compared to a 0.2% dip the previous week, according to a joint report from the International Council of Shopping Centers (ICSC) and UBS. Cooler weather slowed consumer purchases of seasonal goods, taking the index to its lowest reading in nine weeks, according to the report. Sales for the same week a year ago rose 3.1%, after a 3.7% increase the preceding week.

“With the industry facing a tough comparison in May 2005 against May 2004’s 5.7% increase and less-than-favorable weather, the industry performed reasonably well over the past four weeks,” said Michael Niemira, ICSC chief economist and director of research, in a statement.