Retail Sales Climb in September
Retail Sales Climb in
September
Thanks to heavy back-to-school shopping in the first half of September, retailers across the nation are reporting substantial sales increases for the month. The news offers hope for a beneficial holiday shopping season, though the economy is still on shaky ground and unemployment remains near record-high levels.
Dozens of retail outlets around the country, like Macy's, Victoria's Secret, Body Works, and Abercrombie and Fitch reported better-than-expected results for September. Target Corporation was one notable exception, as the company did report an increase in sales but they fell short of expectations. Retailers were pleasantly surprised by September sales figures, and analysts are increasing their forecasts for holiday shopping sales upwardly.
The steadily improving stock market, according to analysts, might also have had a part in the increased retail sales in September, as the S&P 500 gained 9 percent for the month. Among Costco stores open at least a year, revenue rose 5 percent during the month, compared to analysts responding to a Reuters poll who had forecast Costco's revenue at 4.5 percent. Thanks in part to higher revenue from membership fees and overseas operations the company also saw a 16 percent jump in fourth-quarter net income.
Limited Brands, the parent company of stores like Victoria's Secret and Body Works, reported its revenue from stores open at least a year come in a 12 percent, or almost three times the 4.1 percent analysts had expected. Revenue for Abercrombie stores open at least a year fared even better, with revenue up 13 percent compared to analysts' predictions of 3.6 percent.
Thanks to heavy back-to-school shopping in the first half of September, retailers across the nation are reporting substantial sales increases for the month. The news offers hope for a beneficial holiday shopping season, though the economy is still on shaky ground and unemployment remains near record-high levels.
Dozens of retail outlets around the country, like Macy's, Victoria's Secret, Body Works, and Abercrombie and Fitch reported better-than-expected results for September. Target Corporation was one notable exception, as the company did report an increase in sales but they fell short of expectations. Retailers were pleasantly surprised by September sales figures, and analysts are increasing their forecasts for holiday shopping sales upwardly.
The steadily improving stock market, according to analysts, might also have had a part in the increased retail sales in September, as the S&P 500 gained 9 percent for the month. Among Costco stores open at least a year, revenue rose 5 percent during the month, compared to analysts responding to a Reuters poll who had forecast Costco's revenue at 4.5 percent. Thanks in part to higher revenue from membership fees and overseas operations the company also saw a 16 percent jump in fourth-quarter net income.
Limited Brands, the parent company of stores like Victoria's Secret and Body Works, reported its revenue from stores open at least a year come in a 12 percent, or almost three times the 4.1 percent analysts had expected. Revenue for Abercrombie stores open at least a year fared even better, with revenue up 13 percent compared to analysts' predictions of 3.6 percent.
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