US retailers are benefiting from the warm weather, with July sales rising faster than expected.
Goldman Sachs’ index of sales at stores open at least a year jumped 4% last month, beating analysts’ predictions of a 3.1% increase. The rise was attributed to sales of clothing and cut-price summer goods, as well as tax cuts.
Wal-Mart’s growth was typically strong, the 4.6% leap in same-store sales outpacing the discount titan’s own forecasts of 2%–4%.
Elsewhere, Target was up 3.1%, Nordstrom climbed 6.1% and Gap’s recovery continued with a 9% surge.
There were slight falls at Federated Department Stores (–0.4%) and Sears Roebuck (–0.8%), but in both cases the decline was less severe than expected.
Data sourced from: multiple sources; additional content by WARC staff