ICSC and UBS predict year-on-year same-store gains this month for a handful of retailers. Target's will rise 6% and Federated Department Stores and J.C. Penney will climb 4%, it says. All three chains would beat their September performances if they meet those expectations.
Besides the Columbus Day sales, cooler-than-normal temperatures aided retailers in their results. That benefit pushed the ICSC-UBS Weekly U.S. Retail Chain Store Sales Index to its highest point since Sept. 11. Same-store sales rose 0.5% compared to the previous week.
Cooler weather should continue to help results improve during the month, the report says, though high gasoline prices could drag down same-store sales by as much as 0.5%. ICSC and UBS predict October's same-store sales will increase somewhere between 3% and 4%.
September's same-store sales were up 2.4% from the same period a year before, according to ICSC. Its monthly sales report blamed hurricanes Frances, Ivan and Jeanne, and a slow back-to-school season for the "soft" results. The results are a continuation of the weak year-over-year monthly sales results retailers have reported since June, the report said.
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