Cooler weather warmed sales at many general retailers in October and
consumers were more positive than many expected after three severe
hurricanes and a huge runup in energy prices, according to figures
released yesterday. Still, most retailers remain wary about the holiday
season, when they fear that heating costs, an erratic economy and consumer pessimism will dampen sales.
The Goldman Sachs retail composite index pegged the overall gain at stores open at least a year at 4.4%, according to the New York Times.
As in September, warehouse clubs and discounters did well. Sales at Costco stores open at least a year jumped 10%, and even when gasoline sales are excluded, same-store sales were up 8%. Target same-store sales rose 5.7%. And Wal-Mart stores open at least a year increased 4.3%. Interestingly each store's results were higher than analysts expected.
Continuing the trend from September, department stores and specialty operations had mixed results. Talbots same-store sales dropped 0.3% and Federated fell 0.7%. But J.C. Penney's same-store sales climbed 2.4%. High-end department stores did as well as many discounters. Saks's same-store sales rose 4.6%, Nordstrom was up 8.7% and Neiman Marcus climbed 7%.
"Consumers are hanging in there, despite facing significant pressure on their discretionary income," Ken Perkins, president of Retail Metrics, told the AP.
The Goldman Sachs retail composite index pegged the overall gain at stores open at least a year at 4.4%, according to the New York Times.
As in September, warehouse clubs and discounters did well. Sales at Costco stores open at least a year jumped 10%, and even when gasoline sales are excluded, same-store sales were up 8%. Target same-store sales rose 5.7%. And Wal-Mart stores open at least a year increased 4.3%. Interestingly each store's results were higher than analysts expected.
Continuing the trend from September, department stores and specialty operations had mixed results. Talbots same-store sales dropped 0.3% and Federated fell 0.7%. But J.C. Penney's same-store sales climbed 2.4%. High-end department stores did as well as many discounters. Saks's same-store sales rose 4.6%, Nordstrom was up 8.7% and Neiman Marcus climbed 7%.
"Consumers are hanging in there, despite facing significant pressure on their discretionary income," Ken Perkins, president of Retail Metrics, told the AP.