Most apparel retailers topped Wall Street estimates in February, as rising temperatures boosted sales, while increased consumer confidence and Valentine’s Day also helped boost spending, according to the Thomson Reuters Same Store Sales Index.
Target may have floundered a bit in December, but many retailers reported solid sales gains for the month. Overall, retail sales rose 3.4% at the 22 retailers tracked by the Thomson Reuters same-store sales index, compared with the 3.3% analyst forecast, however results were mixed.
A report released Friday by Thomson Reuters and the University of Michigan found that consumer confidence in the United States rose unexpectedly in October, a signal that an economic recovery process may still be intact.
After coming off a strong November, retailers found their momentum waned in December, with many turning in mixed sales for the month. Industry experts said sales were impacted by a still-cautious consumer and the blizzard the crippled the Northeast in the days immediately following Christmas.