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September retail sales data better-than-expected
By Alan Fein
(AXcess News) New York - U.S. retail sales in September was better-than-expected at some of the nation's largest retail chains that reported higher same-store sales results on Thursday.
Kohl's (NYSE: KSS), Costco (Nasdaq: COST), Limited Brands (NYSE: LTD), Macy's (NYSE: M) and Abercrombe & Fitch (NYSE: ANF) all reported higher-than-expected same-store sales in September.
The Dow Jones U.S. Retail Index (DJUSRT) rose 1.6 percent in midday trading in New York after the same-store sales results lift retail stocks.
Kohl's reported a 5.5% increase in same-store sales. Costco released same-store sales figures Wednesday, showing a 1% increase after taking out gasoline and weakness in the dollar. Macy's September same-store sales fell 2.4%, but it was less than half the drop the street was expecting. Abercrombie & Fitch reported a 14% drop in same-store sales, ANF also beat expectations.
Overall optimism towards the retail sector helped push leading retail stocks higher.
