Comp Sales Up 3.7% Last Week

NEW YORK CITY-Retailers’ same-store sales last week increased 3.7% year-over-year, according to a weekly report by the International Council of Shopping Centers and investment bank UBS. The results, which were tallied for the week that ended on Oct. 9, were helped by early Columbus Day sales, the report says.

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.