Most retailers posted solid sales gains in May, with chains such as Target, TJX, and Limited topping analysts' estimates for the month.
"Retailers rebounded from a soft April turning in solid May same-store sales results this morning fueled by decent weather conditions, robust Mother's Day selling and enticing Memorial Day weekend promotions," said Ken Perkins of Retail Metrics, in a research report.
The Thomson Reuters Same-Store Index, which tracks the stores that release monthly sales reports, rose a robust 3.9 percent in May, topping its final estimate of 3.6 percent. While that figure could change when drugstores report their monthly sales, it is solid gain although not as strong as last year's 5.4 percent gain.
It appears Macy's, which reported better-than-expected same-store sales results on Wednesday, set the tone for the bulk of Thursday's reports.
Target , TJX , Limited and Zumiez all topped estimates.
TJX's strong performance in May even prompted the company to raise its forecast to the high end of its previous earnings estimate.
Stage Stores smashed its final estimate and posted its highest increase for May in 10 years. The retailer said it benefited from the shift of Mother's Day promotions from April last year to May this year.Page 1 of 3 | Next Page