NEW YORK (AP) — Consumers, enticed by cooler weather, early holiday discounts and an improving economy, offered some relief to the retail industry in October.
As merchants announced their figures Thursday, the results showed that shoppers certainly were not splurging, restrained by tight credit and a weak job market. But the tone of the reports all pointed to improving sales momentum.
Costco Wholesale Corp.’s sales at stores open at least a year rose 5 percent. Gap Inc., helped by surging sales at its Old Navy chain, posted a 4 percent gain and upgraded its third-quarter profit outlook above Wall Street projections.
Children’s Place Retail Stores, Wet Seal Inc. and Stage Stores Inc. all reported declines.
Limited Brands Inc. reported a bigger-than-expected sales drop.
“Improved macro conditions are leading shoppers to spend more on discretionary purchases,” said Ken Perkins, president of retail research firm Retail Metrics.“This should bode well for Christmas.”
According to a preliminary tally by Thomson Reuters, eight retailers posted results that beat Wall Street estimates, while five merchants turned in sales that missed forecasts.
The figures are based on sales at stores open at least a year and are considered a key indicator of a retailer’s health.
Business
<img src=" http://www.joplinglobeonline.com/images/zope/thursday.gif" border=0> October sales offer relief to merchants
- Business
-
-
Obama call for manufacturing revival a tough goal
President Barack Obama is making a strong election-year push for an economic revival “built on American manufacturing.” But he faces an uphill slog, with little consensus even within his own party on how to do it.
-
Stocks fall sharply as Greek deal is held up
Stocks are closing their worst day this year after Greece hit a roadblock on its way to a critical bailout.
-
Budget deficit drops to $27 billion in January
The budget deficit fell sharply in January compared to a year earlier, as an improving economy lifts income tax revenue.
-
Feds slap CA utility for San Onofre ammonia leak
Federal regulators say an ammonia leak that caused an emergency alert at Southern California’s San Onofre nuclear plant was caused by employees who failed to recognize degraded equipment and fix it.
-
Chicago officials make plans for potential massive protests of G-8, NATO summits
In Wisconsin, a group of environmentalists plans to bicycle to Chicago’s G-8 and NATO summits to protest an economy that relies too heavily on fossil fuel.
-
Obama praises Italian leader’s economic efforts
Eager for Europe to contain its economic troubles, President Barack Obama praised Italian Premier Mario Monti on Thursday for his efforts to lead Italy out of its fiscal quagmire.
-
Consortium in South wins federal approval for 2 new nuclear reactors
A consortium of utilities in the South won government approval Thursday to construct two new reactors at an estimated cost of $14 billion, the strongest signal yet that the three-decade hiatus of nuclear plant construction is finally ending.
-
Stocks fall at the open as Greek deal is held up
U.S. stocks opened lower Friday after Greece’s bailout deal was put on hold, a day after it seemed that the country had satisfied its creditors.
-
Asia stocks slip as Greek bailout remains in limbo
Asian stock markets dropped Friday after Europe’s finance ministers demanded more spending cuts from Greece before clearing a (euro) 130 billion ($170 billion) bailout to stave off the country’s bankruptcy.
-
Google’s first employee leaves to join education nonprofit
Google Inc.’s first hired employee, Craig Silverstein, is leaving the tech giant, where he’s worked since its founding, to sign on with the rising education startup Khan Academy.
- More Business Headlines
-
Obama Scraps Birth Control Mandate
US Airmen's Killer Sentenced to Life in Germany
Raw Video: Deadly Blasts in Syria
Romney Slams President Obama at CPAC
Gingrich: Pres. Obama 'waging War on Religion'
Navy Names Ship for Gabrielle Giffords
5 Killed in Wrong-way Crash on I-10 in La.
Denver's Largest-Ever Drug Bust Nets Dozens
Marines: No Punishment for Nazi-like Flag
Vets Look to Translate Military Skills Into Jobs
Raw Video: School Bus Burst Into Flames
LA School Reopens Amid Sex Abuse Scandal
$25B Settlement Reached Over Foreclosure Abuses
Pentagon: Allow Women Closer to Front Lines
LA School in Sex Abuse Scandal Reopens
Raw Video: Italy's Mount Etna Bursts Into Life
Greeks March; Angry Despite Debt Deal
Air Force Airlines: Leaders Get Polished Service
Ga Girl Fights Off Kidnapper at Walmart
Skip the Coffee Cup and Inhale Your Caffeine Fix
