Chain Store Sales Slip on Flooding

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U.S. chain store sales slipped in the latest week as slowing customer traffic and flooding in the U.S. Northeast crimped activity, according to a report on Wednesday.

Sales fell 0.7 percent in the week ended July 1 after declining 0.4 percent in the previous week, according to the report produced by the International Council of Shopping Centers and UBS Securities LLC.

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The ICSC said sales rose 2.9 percent last week versus the same week in 2005. In the previous week, sales rose 4.1 percent versus the same week a year earlier.

"Some softness is from the wet, stormy and cool weather, especially relative to last year and in the Northeast" said Michael P. Niemira, ICSC's chief economist and director of research.

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