U.S. Retail Sales Better Than Forecast
US retail sales in March offered a glimmer of hope to a beleaguered sector, with same-store sales posted by many chains exceeding earlier, gloomy expectations.
Egytex News Desk
Source: Just-Style
While shoppers are still cautious, there are signs that they are starting to spend again. JC Penney, Kohls and Target all came in ahead of expectations. Gap said it has stalled its sales slump. And teen fashion retailers Hot Topic, American Eagle, Aeropostale and Gymboree even raised their first quarter earnings guidance.
But luxury retailers continued to struggle, and Wal-Mart - usually one of the sector's most solid performers - saw its same-store sales rise less than expected.
Industry observers warn against reading too much into the results, and say pent-up demand is unlikely to be sustained. But the results were achieved despite the late timing of Easter this year, which is also likely to provide another sales boost next month.
Source: Just-Style
From the Egytex news archive, first published on 14 April 2009. Figures and names are as reported at the time.
