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Are Shoppers Flocking Back To Malls? Retail Sales in August Suggests So (JWN, GPS, TGT)

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Economic uncertainty and high level of unemployment kept a lid on U.S. consumer spending for most part of this year; however, looking at retail sales results for August, it seems that U.S. consumer confidence is gradually rising, and so is the shopping budget.

© Image copyright epsos

Indeed, while a data from Bureau of Economic Analysis on Thursday pointed that U.S. Consumer Spending rose by 0.4% in July, the biggest jump in five months, major retail chains tracked by Thomson Reuters posted 3.6% growth in same-store sales for the month of August.  Analysts polled by Thomson Reuters had forecasted sales growth of 2%.

There is no denying of the fact that August is the peak season for retailers as teenagers look out for new collection just ahead of the back-to-school season, but this year sales growth has been staggering.

Whereas Nordstrom Inc. (NYSE:JWN) reported 21% jump in comparable-store sales, Gap Inc. (NYSE:GPS) posted a 9 % growth in comparable-store sales. Discounter retailer Target Corp. (NYSE:TGT) also posted better-than-expected same-store results.

Nonetheless, retail experts have warned that consumer spending can dry up in coming months since gasoline prices have been rising lately; besides, severe draught in the Midwest also threatens to inflate food prices.

 

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