Some of the nation’s biggest retail chains reported September sales that beat analysts expectations. The strongest results include drugstore retailer Walgreens (NYSE:WAG), which said its same-store sales rose 5.3%. Macy’s (NYSE:MCY) also posted positive numbers, followed by Costco (NYSE:COST), Limited Brands (NYSE:LTD), and TJ Maxx (NYSE:TJX). Several companies, encouraged by better sales, were able to raise their profit forecasts.
“It clearly points to trends stabilizing,” says KeyBanc retail analyst Ed Yruma.. “We are cautiously optimistic. Traffic has improved. Gross margin has improved. We’ve seen some underlying improvement in weakest areas including the West Coast. Promotions seem to have subsided year over year.” [MW]
To track the results so far, see the following CNBC table:
Disclaimer: This page contains affiliate links. If you choose to make a purchase after clicking a link, we may receive a commission at no additional cost to you. Thank you for your support!
Leave a Reply