US Retailers Post Stronger Sales in June
A new data released by Thomson Reuters showed significant gains by US retailers in June as the industry posted a stronger-than-expected 6.9 percent growth rate amid economic uncertainties.
Top retailers in the United States posted stronger-than-expected sales output in June as well-placed discount offers lured consumers back to shopping despite looming economic uncertainties.
Based on its monthly sales survey, industry research firm Thomson Reuters reported that top US retailers – such as Target Corp., Macy’s Inc., Gap Inc., and Costco Wholesale Corp. – managed to surpass earlier analysts’ sales estimates of 4.9 percent.
Thomson Reuters also noted that despite pressure from high prices of food and gasoline, the top 25 retailers showed an average increase of 6.5 percent sales growth at stores that are open at least one year.
Meanwhile, analysts attributed the strong retail sales to strategically placed discount offers, which did its part for shops and malls.
They also said that the improvements in the job market during the period contributed to consumer sentiments on spending.
The top gainers include Limited Brands Inc., the owner of Victoria’s Secret, which posted a 12 percent increase in its sales – higher than the 3.8 percent forecast.
The gains is expected to continue in the coming months as retailers prepare for more discount offers to kick-off the back-to-school season.