Retail Sales Reports: Few Gainers in July
Large retailers said sales remained sluggish in July and the figures offered little hope that consumer spending would help stimulate the economy soon, but some store owners and analysts reported signs that business was starting to pick up.
The nation’s largest retailer, discounter Wal-Mart Stores Inc., once again outperformed the rest--reporting sales at stores that have been open at least a year up 13%, while overall sales rose 40%.
Kmart Corp., which had reported improved sales in recent months, saw those gains slip somewhat in July. Same-store sales rose just 0.4%, while overall sales rose 4.7%.
Sears, Roebuck & Co. and Dayton Hudson Corp. found some signs of relief.
Sears, still struggling as sales of major appliances sag, said same-store sales were off 2.1% and overall sales slipped 1.4%, but Chairman Edward A. Brennan said there were again signs that demand for big-ticket items was rising.
Dayton Hudson reported signs of improvement in California, where a third of its stores are located. The company reported a 2.7% same-store sales gain, with a 7.3% increase overall.
Struggling J. C. Penney Co. said its same-store sales were off 3%, as overall sales fell 2.2%.
May Department Stores Co. said same-store sales rose 0.4% and overall results were up 8.6%.
Gap Inc. continued to shine, with same-store sales rising 14% and overall sales increasing 34%.
In other economic news:
- The number of Americans filing new claims for unemployment benefits fell slightly in the last week in July, the Labor Department said Thursday.
- Analysts said the recovery that supposedly began in the second quarter could turn out to have been a statistical mirage.
U.S. officials and private economists say a rise in the gross national product originally reported for the April-to-June quarter could vanish when the government revises the figures later this month.
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