Redbook: Chain Store Sales Slip in Aug
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U.S. chain store sales fell in August as concerns about the strength of the economy drove consumers to cut back on spending, a report showed on Wednesday.
Instinet's Redbook Retail Sales Average slipped 1.7 percent in the four weeks ended Aug. 31 compared with the same period in the previous month.
"Back-to-school sales have not been meeting expectations, especially in the apparel and accessories merchandise classifications," the report said. "Most stores missed or appeared at the lower end of their targets."
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The Redbook Average is compiled from a sample of general merchandise retailers representing about 9,000 stores. Same-store sales measure revenue at stores open at least a year.
The index is released weekly by Instinet Research, a division of Instinet, a Reuters-owned electronic brokerage.