2 November 2004, 17:03  US chain store sales off to sluggish start in Q4

U.S. chain store sales stayed subdued in the last week of October, getting the fourth quarter off to a sluggish start, a report said on Tuesday. Sales at major retailers rose by 3.2 percent on a year-over-year basis for the week ended October 30, up slightly from the preceding week's 3.1 percent pace, said Redbook Research, an independent company. Sales in October so far were down 0.6 percent compared with September. "Early indications are that fourth-quarter targets will be set lower due to high gas prices, rising heating bills and sluggish job growth dampening lower-income customers' discretionary spending on upcoming holiday sales," the report said. Redbook's preliminary target for November is for 2.9 percent year-over-year same-store growth, generating a 0.6 percent fall month-to-month compared to October. The Redbook data are compiled from a sample of same-store sales at general merchandise retailers representing about 9,000 stores. Same-store sales measure revenue at stores open at least one year.////www.reutres.com

© 1999-2024 Forex EuroClub
All rights reserved