Store sales were relatively unimpressive last week as shoppers burned out prior to Christmas.
ICSC-Goldman store sales are up 2.7% year over year following a 3.2% Y/Y reading last week. They report this figure as good news, but I don’t see how. They also mention that the unusually cold weather drove up sales of seasonal goods, so who knows how much sales would have dropped if this “winter” weather most areas are seeing had been consistently warm.
Redbook store sales are up 2.9% from a year ago compared to 2.4% Y/Y the week prior. Redbook notes, as they have been doing quite a bit this year, that the week’s sales were more promotional than retailers planned which points to weakness for profit margins.