US retailers beat analysts' estimates in December
08 Jan 2010
US retailers are in an upbeat mood as most of them reported December same-store sales well above analysts' expectations, suggesting the economy is gradually pulling out of recession.
Monthly sales numbers from leading store chains showed that consumers are slowly coming back to the market place, after more than a year of reduced spending.
The National Retail Federation (NRF) had forecast 2009 holiday sales to decrease 1 per cent this year, compared to a 3.4 per cent decline a year earlier.
Same-store sales are a key measure of a retailer's performance and measure sales at stores open at least a year.
Thanks to the holiday season, Costco Wholesale Corp., The Buckle, Limited Brands Inc., Macy's Inc., American Eagle Outfitters Inc., and Children's Place Retail Stores Inc. report gains.
Costco, the No. 1 warehouse club operator, posted a 9 per cent gain in its same-store sales, beating analysts' expectations for a gain of 7.9 per cent.
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