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Discount merchants benefit from high sales in June |
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| Jul 11, 2008 03:50 PM UTC |
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Tracked Blogger
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Via BloggingStocks:
Filed under: Forecasts, Products and services, Consumer experience, Wal-Mart (WMT), Costco Wholesale (COST), Economic data, Nordstrom, Inc (JWN)  Some of the country's largest retail chains had good June sales, benefitting from consumers looking for a place to spend their tax rebates, but this was not the case for higher-priced department stores. Retailers offering big discounts were among the privileges ones as consumers chose to stay away from high prices.Consumers spent on the basics, looking for bargains, boosting sales at some companies like Wal-Mart (NYSE: WMT), but resulting in losses for the others like Nordstrom (NYSE: JWN) and American Eagle (NYSE: AEO). This confirmed that retailers will face further weak demand even during the back-to-school shopping season, and more deep discounts will be needed. As June is considered a key month for sales, merchants were hoping for a "stimulus" effect from tax rebates, despite worries tied to soaring gasoline and food costs. However, only companies offering cheaper gas like Wal-Mart, Costco (NASDAQ: COST) and BJ's Wholesale Club (NYSE: BJ) saw their dreams accomplished. Thus, Wal-Mart came with June sales growth of 4.3%, Costco reported a 9% increase in June same-store sales, while BJ's Wholesale saw a growth of 16.5%. Continue reading Discount merchants benefit from high sales in June Permalink | Email this | Comments<map name="google_ad_map_145-1252804"><area href="http://imageads.googleadservices.com/pagead/imgclick/145-1252804?pos=0" shape="rect" coords="1,2,367,28" /><area href="http://services.google.com/feedback/abg" shape="rect" coords="384,10,453,23" /></map> 
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