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NEW YORK – Retailers posted a gain in same-store sales in February that surpassed analysts’ estimates, driven by department stores, as more confident shoppers embraced the arrival of warm-weather goods.

Same-store sales at Macy’s, the second-largest U.S. department store chain, rose 5.8 percent, compared with the 3.7 percent average gain from analysts’ estimates compiled by Retail Metrics Inc. Revenue increased 6.4 percent at J.C. Penney and 5 percent at Kohl’s, both surpassing projections.

Confidence among consumers rose last month to the highest level in three years, according to a Thomson Reuters/University of Michigan index, as a drop in unemployment helped overcome concern over rising food and fuel costs. Customers also returned to stores that were closed for several days in January because of snowstorms.

“Department stores are continuing to make a comeback,” said Keith Jelinek, a director in the retail practice at consultant AlixPartners. “They’ve focused on localization and they made a push to make it a fun and interesting place to shop.”

Employment increased by 217,000 last month, more than forecast, according to a private report based on payrolls released by ADP Employer Services. The median estimate in the Bloomberg News survey for the Labor Department’s report today calls for a 190,000 gain, after employment increased by 36,000 in January.

Same-store sales rose 4.3 percent last month, beating an overall compilation of analysts’ estimates for a gain of 3.8 percent at the 27 chains tracked by Retail Metrics, based in Swampscott, Mass. That marked the 18th straight monthly gain from September 2009 and the fifth time in the past seven months that sales have beaten projections.

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Most chains count locations open at least a year to tabulate same-store sales. This revenue is a key indicator of a retailer’s growth because new and closed sites are excluded.

Same-store sales at Costco Wholesale, the largest U.S. membership warehouse club, rose 5 percent, excluding changes in gasoline prices and currency exchange rates, the Issaquah, Wash.-based company reported Wednesday.

Analysts’ estimates for same-store sales rose throughout the month, increasing from 3 percent to 3.8 percent, according to Retail Metrics, as companies such as J.C Penney and Limited Brands indicated strong February sales. At Limited, owner of the Victoria’s Secret chain, revenue advanced 12 percent, beating the 8.2 percent projection.

“It’s a combination of pent-up demand for spring merchandise and the macro picture is improving,” said Ken Perkins, president of researcher Retail Metrics. “The jobs market is turning a corner. The result of that is consumers are experiencing more confidence in their ability to spend.”

 

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