Cold puts chill on U.S. retail sales: newspaper

The coldest February since 1979 caused U.S. retailers' sales to grow at the slowest pace in three months as consumers delayed buying spring merchandise, The Washington Post reported Friday.

Wal-Mart, the world's largest retailer, said sales at stores open at least 12 months rose 0.9 percent, less than the company's forecast of 1 to 2 percent.

Luxury stores and retailers with designer clothing, including Target, the second-largest U.S. discount chain, fared better, with sales surpassing analyst estimates.

Total U.S. same-store sales rose 2.5 percent, the smallest gain since November, the International Council of Shopping Centers said based on results from 53 retailers.

Same-store sales, which are sales at stores opened at least a year, are considered the best indicator of a retailer's health.

Most retailers missed estimates after cold weather cut demand fro shorts, dresses and other spring merchandise, while a snowy Valentine's Day in the Northeast kept shoppers home.

The council of shopping centers had expected February sales to rise 2.5 percent to 3 percent. The council's chief economist, Michael Niemira, said sales would gain 3 percent this year, the slowest pace in at least three years.

March sales should increase 4 percent, boosted by Easter buying, the council said.

Source: Xinhua