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How about something like this:
IF SUM([Sales])/WINDOW_MAX(SUM([Sales])) >= .01 THEN SUM([Sales]) END
You could use a parameter to set the value instead of a hard-coded .01 (1%), if that's more preferable.
Out of curiosity, how would I change that formula so it looked down the column rather than across the row?
You should be able to click on the drop-down next to the calculation, and change the Compute Using to Table Down. This is actually part of the power of Table Calculations... you can change the calculation's computation direction on a view-by-view basis. This allows you to write a single calculation that can dynamically adjust for what is in each view, and for what direction you tell it to compute.
Perhaps it would be helpful to read more about Table Calculations here.