Stimulus checks goose sales

U.S. chain store sales rose 4.3% in June — the biggest gain in more than a year — aided by strong performances from discount stores.

JUL 10, 2008

By Bloomberg

Despite a slowing economy, the housing crisis and sky-high gas prices, shopping at retail chain stores jumped in June, thanks to balmy weather and decisions by people to spend their federal tax rebate checks, according to a report issued today by the International Council of Shopping Centers. U.S. chain store sales rose 4.3% in June — the biggest gain in more than a year — aided by strong performances from discount stores. Bentonville, Ark.-based Wal-Mart Stores Inc. fared the best with a 6.4% sales growth for the month, but San Francisco-based The Gap Inc. struggled with a 7% decline. “June came in better than expected thanks to stimulus checks and warmer weather,” Michael P. Niemira, chief economist and director of research at the New York-based ICSC, said in a statement.

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