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Heat lured shoppers to expend in July Knoxville News Sentinel
NEW YORK warm weather and clearance sales drew Americans into stores in July, Giving traders solid sales gains and helping offset worries about jobs and the economy,/p>
Results came in as well as expected for many retailers Thursday, An reassuring sign as the backtoschool shopping season kicks off. It is the secondbusiest shopping season of the year behind xmas season. Threequarters of retailers reporting results beat targets,[link widoczny dla zalogowanych], to be able to Thomson Reuters,/p>
Analysts had needed modest gains in the month, As Americans slowly start to feel happier about high unemployment and the bumpy global economy. On monday, The Conference Board reported that its Consumer Confidence Index rose responsible for in five months. motionless, That measure remains at ancient lows, And is not expected to improve significantly until hiring picks up substantially. And a separate Commerce division report Tuesday showed Americans spent no more in June than May, whereas their income grew by 0.5 per,/p>
Analysts were quick to credit hot weather and sales for final results, Rather than any uptick in the economy,/p>
Discount stores were some of the best performers. TJX Cos, Which travels TJMaxx and Home Goods stores, And Ross sites Inc. Both reported betterthan expected sales for the month and raised their earnings forecasts for the second quarter,/p>
Gap corporation. Was a jolt outperformer. Revenue in shops open at least a year rose 10 percent, Handily beating goals for a 3.8 pct gain. The figure rose 13 for each at Gap stores, 12 nought per cent at Old Navy and 8 per at Banana Republic,[link widoczny dla zalogowanych],/p>
Target also accomplished well, With revenue in shops open at least a year up 3.1 percentage points in July, As more people visited its stores. Analysts had expected the measure to rise 2.7 per cent,/p>
And confined Brands Inc, Which runs Victoria's trick and Bath Body Works,[link widoczny dla zalogowanych], Said the business figure rose 12 percent in July, Double what analysts predicted. the also boosted its secondquarter earnings outlook and declared a special dividend on Thursday,/p>
Teen clothing sellers were mixed. abercrombie Fitch late saturday said revenue at stores open at least a year fell 10 percent in the second quarter. It also slashed its outlook for future sales, regarding cutting secondquarter estimates to between 15 and 18 cents, About half of what analysts had estimated,[link widoczny dla zalogowanych],/p>
Teen storekeeper Aeropostale Inc. Said revenue in shops open at least one year were flat for the quarter, And slashed its earnings visions for the quarter. Its shares dropped on the quarter in morning trading. Wet Seal and Zumiez both missed attributes for July,/p>
But Hot subject Inc. And yankee Eagle Outfitters Inc. Both reported strong secondquarter results. america Eagle Outfitters Inc. On friday raised its forecast for secondquarter earnings, saying that sales during the period were stronger than expected,/p>
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