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Summer Sun Spurs US Retail Sales

News, 11 August 2003

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