Highlights
High gas prices and "tax-rebate-inflated sales comparisons" hurt ICSC-Goldman's readings in the June 6 week where year-on-year same-store sales were down 0.8 percent for the lowest reading since early May. Last year's tax rebates made for a burst of discount shopping in May and June, a factor that is now hurting year-on-year comparisons. The retail sector expresses its results in unadjusted year-on-year comparisons, but the financial markets watch only for adjusted month-to-month comparisons as will be posted in Thursday's retail sales report for May. Redbook, which is out at 8:55 ET, will offer an early month-to-month comparison for May and June.