January sales rise for U.S. retailers
Gift card use and sales of winter clothes as a result of colder weather across parts of the United States boosted U.S. retailers’ total sales last month, beating many analysts’ estimates, Bloomberg News reported.
Federated Department Stores Inc., the second-largest U.S. department store operator, had sales gains of 8.6 percent; the average analyst estimate predicted 4.5 percent. Sales for Gap Inc., the largest U.S. clothing chain, were unchanged, beating the 7.6 percent decline analysts had predicted. In a preliminary report this week, The International Council of Shopping Centers said U.S. retail sales probably rose around 3 percent in January.
Luxury retailers fared especially well, with most posting sales gains of at least 11 percent. Nordstrom’s sales increased 11.1 percent and Saks Inc. reported sales increases of 11.4 percent.
Big box retailers also reported strong gains. Wal-Mart Stores Inc., the world’s largest retailer, had sales gains of 2.2 percent, and Target Corp. sales rose 5.1 percent.