U.S. retailers last month had their weakest sales growth in 11 months as cold weather put a brake on demand for warm-weather goods, according to a Bloomberg News report.
The International Council of Shopping Centers today reported February same-store sales growth of 2.4 percent, based on a survey of 51 retailers.
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But great great variation in growth rates was seen among various outlets. For instance, Wal-Mart reported same-store sales growth of 0.9 percent while Federated Department Stores showed a 1.2-percent gain and Costco showed a 4-percent rise in stores open at least a year.
ICSC’s chief economist Michael Niemira said sales will gain 3 percent this year, the slowest annual pace in at least three years, as two major blizzards dumped 60 percent more snow in February than last year.
