Daily Updates
October sales offer relief to merchants
NEW YORK (AP) — Consumers, enticed by cooler weather, early holiday discounts and an improving economy, offered some relief to the retail industry in October.
As merchants announced their figures Thursday, the results showed that shoppers certainly were not splurging, restrained by tight credit and a weak job market. But the tone of the reports all pointed to improving sales momentum.
Costco Wholesale Corp.’s sales at stores open at least a year rose 5 percent. Gap Inc., helped by surging sales at its Old Navy chain, posted a 4 percent gain and upgraded its third-quarter profit outlook above Wall Street projections.
Children’s Place Retail Stores, Wet Seal Inc. and Stage Stores Inc. all reported declines.
Limited Brands Inc. reported a bigger-than-expected sales drop.
“Improved macro conditions are leading shoppers to spend more on discretionary purchases,” said Ken Perkins, president of retail research firm Retail Metrics.“This should bode well for Christmas.”
According to a preliminary tally by Thomson Reuters, eight retailers posted results that beat Wall Street estimates, while five merchants turned in sales that missed forecasts.
The figures are based on sales at stores open at least a year and are considered a key indicator of a retailer’s health.
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