Major retail chains including Costco Wholesale and Victoria's Secret on Thursday reported sales increases for May that were generally in line with Wall Street's expectations, suggesting consumer spending continues to improve moderately.
Costco said sales at stores open at least a year, or same-store sales, rose 5 percent last month, coming in slightly below Wall Street forecasts because of lower gasoline prices. Fresh food and tools for home repair were stand out categories, Costco said.
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Victoria's Secret parent company L Brands reported companywide same-store sales rose 3 percent, and the company, which also owns Bath & Body Works, expects a similar jump in June. Analysts were expecting a 3.2 percent rise.