NEW YORK – U.S. chain store sales rose in the latest week as consumers stocked up ahead of the Super Bowl and continued to snatch up seasonal clearance items, according to a report Tuesday.
Sales rose 2.0 percent in the week ended Feb. 4 after falling by 1.1 percent in the prior week, according to the report produced by the International Council of Shopping Centers and UBS Securities LLC.
The ICSC also said sales were up 3.8 percent last week versus the same year-earlier week. In the previous week sales were up 4.1 percent versus the same week a year ago.
"This past week chain store sales recovered nicely as consumers stocked up on consumable goods in preparation of the Super Bowl and continued to take advantage of seasonal clearance items," Michael P. Niemira, ICSC's chief economist, said in a prepared statement.
Looking ahead, Niemira added: "For February, ICSC expects industry same-store sales to rise by approximately 3.0 to 3.5 percent, on a year-over-year basis."