Prevailing optimism over economy in the minds of consumers even in face of flustery weather conditions led US retailers to post sound sales for May.
Leading the pack was luxury stores like Nordstrom Inc. followed by teen retailers such as Bebe Stores Inc. and Abercrombie & Fitch Co which brought cheers in capital 'C.'
Giant Wal-Mart Stores Inc., matched analysts' modest sales forecastsit fell behind its few of its competitors.
It had for company Federated Department Stores Inc. and BJ's Wholesale Club Inc. which reported dipping sales with lower demand for swimwear and air conditioners sold only seasonally.
May confidence came strong among consumers upbeat on economy in general.
Gasoline and oil prices went up in May, but consumer psyche was never found faltering on the retail front.
Analyst monitoring 61 percent of the 68 retailers he monitored beat for May said 37 percent missed out on expectations with the going as per forecasts.
The International Council of Shopping Centers-UBS sales sales tally of 67 stores rose 2.9 percent, at the low end of its 3 percent to 3.5 percent forecast, but Michael P. Niemira, chief economist at the trade association, said the "numbers are holding up."
"The overall story hasn't changed. Consumers continue to spend, though unevenly," he said. The ICSC sales tally is based on sales at stores open at least a year, known as same-store sales.
Gas prices still in unpredictable Americans may end up spending more on gas in summer driving season said one analyst.
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
