American retailers post surging June sales
Summer weather prevailed over US consumer worries about rising oil prices last month, helping retailers deliver their best performance in more than a year.
Wal-Mart posted strong results, while sector leaders such as Costco and Target, department store groups Federated, Nordstrom and JC Penney, and fashion retailers such as Abercrombie & Fitch all followed suit.
The discount sector was the only area to disappoint, with TJX and Family Dollar both announcing poor trading updates.
Wal-Mart reported same-store sales up 4.5 per cent, in line with analyst expectations, and is predicting sales to rise by between 3 per cent and 5 per cent for July. It has averaged 2.8 per cent growth each month for the January to May period.
The company has been upgrading its merchandise to target higher-income consumers, who are less vulnerable to the economy.
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