NEW YORK (AP) — March came in like a lion for retailers, as warm weather and demand for spring fashions helped push sales up.
Retailers from discounter Target Corp. to store chain Macy’s to outdoor sports retailer Zumiez reported betterthan expected sales during the month in the latest sign that Americans are feeling better about the economy. The sales reports come ahead of a government report that’s expected will show the fourth straight month of strong hiring.
“Retailers are benefiting from an improving employment and consumer confidence picture,” said Ken Perkins, president of Retail Metrics, a research firm.
Only a small group of retailers report monthly figures, which are based on revenue at stores opened at least a year and considered an indicator of a retailer’s health. Still, industry watchers say there’s a reason to be optimistic because the numbers offer a snapshot of consumer spending, which accounts for more than 70 percent of all economic activity.
Gap Inc., which has been struggling recently, was one of the biggest success stories of the month. Revenue in stores open at least one year rose 8 percent, better than the 5.4 percent rise analysts polled by Thomson Reuters expected.
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