Weekly Sales at Chain Stores Edge Higher

Sales at U.S. chain stores rebounded from the previous week, but business remained soft because of cool weather and high gasoline prices, a report said.

Sales rose 0.3% last week contrasted with a 1.9% fall in the previous week, the International Council of Shopping Centers and Wall Street investment firm UBS Securities said in a joint report. Sales last week increased 7.5% compared with the same week a year ago.

“Despite the recent slowdown in sales, overall, March year-over-year comp-store sales growth is likely to be exceedingly strong,” said Michael Niemira, the council’s chief economist and director of research.

The report is compiled from a group of major U.S. discount, department and chain stores that report their weekly results.