U.S. chain store sales up slightly in February

U.S. chain store sales inched up in February, increasing 1.9 percent compared with the same period last year, according to the latest study by the International Council of Shopping Centers (ICSC).

The sales performance was ahead of expectations for the industry, largely due to a 2.6 percent sales gain at Wal-Mart.

But despite the slightly better performance, sales were weak for apparel-specialty and department stores, as well as for the luxury sector, according to ICSC Chief Economist and Director of Research Michael Niemira.

For the month of February, U.S. consumers shopped at value retailers, spent most on staples and were downscaling, Niemira said.

And although the sales gain in February was the strongest since November 2007 when sales increased 3.5 percent, there was a considerable weak demand in the retail environment.

"Looking forward to March, we expect spending to improve slightly, as we are projecting an increase of about 2 percent," Niemira said.
Source: nationaljewelernetwork