NEW YORK – U.S. chain store sales rose slightly in the latest week after dipping in the prior week due to pent-up demand, according to a report Wednesday.
Sales were 0.2 percent higher in the week ended Feb. 18 compared with the preceding week after falling by 0.4 percent in the week through Feb. 11, according to the report produced by the International Council of Shopping Centers and UBS Securities LLC.
The ICSC also said sales rose 3.7 percent last week versus the same year-earlier week. In the previous week sales were up 3.3 percent versus the same week a year ago.
"Over this past week, retail sales improved due to a spurt of pent-up demand," Michael P. Niemira, ICSC's chief economist, said in a prepared statement.
"For February, ICSC continues to expect industry same-store sales to rise by approximately 3.0 percent, on a year-over-year basis," Niemira said.