Attracted by heavy winter sales and promotions, shoppers headed to the malls in January as retailers worked to clear their shelves in advance of the coming spring, according to a report in the LA Times.
Major chain stores posted an impressive 4.2% sales increase in January compared with the same month a year earlier, handily exceeding analysts' expectations of a modest 2% rise. Discounters and apparel sellers especially posted healthy sales increases, according to Thomson Reuters' tally of 21 retailers.
Top performers were a mixture of high- and low-end stores. Action-sports chain Zumiez Inc. led the way with a 10.8% bump. Buoyed by a comeback of wealthy shoppers, luxury retailer Saks Inc. reported a strong 10.5% increase. Costco Wholesale Corp. said sales rose 8%. Limited Brands, parent company of Limited and Victoria's Secret stores, had a 9% increase.
Other retailers did not fare as well. Teen clothier Wet Seal said sales fell 13%, while struggling apparel giant Gap Inc. reported a 4% drop. All told, about 59% of retailers beat expectations, Thomson Reuters said….
Go on. Feast on the good news (while it lasts) at http://www.latimes.com/business/money/la-fi-mo-retail-sales-20120202,0,5173912.story?track=rss
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