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Major retail chains reported sales increases for May that were generally in line with Wall Street's expectations, suggesting consumer spending continues to improve moderately.
Stocks closed lower Thursday, after the Dow and S&P 500 briefly touched fresh all-time highs. Meanwhile, the U.S. dollar rose above the key threshold of 100 yen for the first time since April 2009.
A number of top U.S. retailers reported disappointing April sales as consumers gravitated toward discount chains and bad weather delayed spring shopping in much of the country.
Retailers broadly missed analysts' estimates for same-store sales in March, a month that typically sees cold weather and slow hiring in the early weeks.
After a difficult January, when shoppers first felt the effect of a payroll tax hike that lowered take-home pay by 2 percent, some retailers got a little relief in February from growing employment and a rising stock market.
Many top U.S. retailers reported strong January sales after offering compelling merchandise that drew in shoppers facing a hit to their take-home pay from higher payroll taxes.
Beginning of a divergence? Sales of bonds have been the fuel for the stock market rally. However, stocks have moved sideways in the last few days, but the bond market is not being sold.
Bon-Ton Stores Inc. 3.7 pct. Stage Stores Inc. 6.5 pct. Costco Wholesale Corp. 7 pct.
The Buckle Inc. -0.8 pct. Ross Stores Inc. 5 pct. Stein Mart Inc. 2.4 pct.
U.S. stocks rose at the open after labor market data came in within expectations and following encouraging comments by European Central Bank President Mario Draghi on tools to tackle the region's debt crisis. **NUVASIVE INC, $14.9, down 34 pct.
U.S. stock index futures added to gains after European Central Bank President Mario Draghi said growth risks are on the downside and should be contained by effective policymaker action. Brokerages Canaccord Genuity, Robert W. Baird& Co, Mizuho Securities USA, BMO Capital Markets and ThinkEquity Llc cut their price targets on the stock.
*Sales at Costco and Gap top expectations. *Macy's, Target, Kohl's sales miss analysts' forecasts. "I think September overall is going to be OK; I don't think it's going to be great," said John Rooney, national retail& distribution sector lead for Deloitte Consulting.
*Macy's, Target sales miss analysts' forecasts. Retailers including Costco Wholesale Corp, Victoria's Secret operator Limited Brands Inc and teen chain Zumiez Inc posted bigger-than-expected gains in September sales at stores open at least a year. Target Corp and Macy's Inc posted same-store sales increases that missed analysts' expectations.
U.S. stock index futures added to gains after European Central Bank President Mario Draghi said growth risks are on the downside and should be contained by effective policymaker action. **NUVASIVE INC, Wednesday close $22.62, down 29.3 pct premarket. **INFORMATICA CORP, Wednesday close $33.63, down 19.7 pct premarket.
KEARNEY, Neb.-- Buckle's September revenue at stores open at least a year dipped 0.8 percent, missing Wall Street's expectations. Analysts predicted a 1 percent increase in the figure, according to a Thomson Reuters poll. Buckle Inc., a teen retailer, said Thursday that total revenue for the five weeks ended Sept. 29 climbed 0.8 percent to $99.1 million.
U.S. stock index futures pointed to a higher open on Wall Street on Thursday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 rising between 0.2 and 0.5 percent. **NUVASIVE INC, Wednesday close $22.62, down 27.4 pct premarket.
Oct 4- The Buckle Inc:. *September sales rose 0.8 percent to $99.1 million. *September same-store sales view up 1 percent-- Thomson Reuters data.
While Best Buy cutting back on staff is nothing new — and certainly not a surprise — it may be the first of many announcements to come from retailers, especially as the holidays approach. Last year, Best Buy cut back on its plans to hire temporary staff for the holiday, adding only 15,000 workers versus 29,000 in 2010.
Stocks closed lower in thin trading Thursday after a round of interest rate cuts by major central banks and as investors remained cautious ahead of Friday’s key government jobs report.
Retailers reported largely disappointing sales in June, as consumers pulled back on spending amid concerns about jobs and the economy.