Back-to-school shopping drives retail sales |
| MarketWatch - Aug 30, 2012 |
Retailers are delivering strong sales numbers for August, boosted by back-to-school shopping, with Limited Brands Inc. and Costco Wholesale Corp. among the standouts.
Limited Brands LTD reported that same-store sales rose 8%, almost twice the 4.2% that was projected, continuing a recent run of outdistancing expectations. The retailer was helped by strong August sales at the Victoria’s Secret chain.
Costco COST posted a 6% rise in U.S. same-store sales minus gasoline, when 5% was expected.
The 17 retailers that report monthly same-store sales are expected to show 4.1% growth, according to Thomson Reuters. The figure compares with 4.9% last year.
Buckle Inc. BKE reported a 4.5% rise in same-store sales when a 0.3% drop was expected.
Fellow teen retailer Wet Seal Inc. WTSLA which analysts said has been missing on fashion trends, posted an 18.3% decline in same-store sales, when a 17% drop was expected. Wet Seal said in a statement the results were in line with its expectations and that since the start of August, the company has returned to “fast fashion merchandising and has included merchandising to a broader demographic.”
Read Full Article from MarketWatch
- Posted: 2012-08-30 13:21:19
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