US March retail sales surpass expectationsFriday, 06 April 2012
European markets finished mixed on Thursday, heading into
a 4-day weekend for the Easter holiday. The markets began the trading session solidly to the downside due to concerns over the situation in Spain and the weaker than expected German industrial production number.
Burberry finished higher by 0.72 percent on Thursday, while JPMorgan initiated the stock with a "Neutral" rating. JJB Sports reported a narrower pre-tax loss for the year and announced committed 30 million pounds investment and financing package to tide over the tough times. The stock climbed by 1.54 percent, reported RTT News.
In Wall Street, several major retailers reported same-store sales for March, surpassing analysts' forecasts. Macy's rose 0.3%, Target gained 0.5% and Nordstrom stock surged 0.23% to $55.68 in the morning hour after the company's same-store sales for March increased 8.6%.
Nordstrom, Inc. reported an 8.6 percent increase in same-store sales for the five-week period ended March 31, 2012 and posted preliminary total retail sales of $1.03 billion for March 2012 – thanks an increase of 14.7% on total retail sales of $897 million for the same period in fiscal 2011. Quarter-to-date same-store sales increased 9.2 percent compared with the same period in fiscal 2011. Preliminary quarter-to-date total retail sales of $1.73 billion increased 15.3 percent compared with total retail sales of $1.50 billion for the same period in fiscal 2011.
Also Macy's, Inc reported better-than-expected quarterly sales, up to $2.358 billion for the five weeks ended March 31, 2012, an increase of 6.9 percent compared with total sales of $2.206 billion a year before. On a same-store basis, Macy's, Inc. sales were up 7.3 percent in March 2012 as compared to March 2011.
Finally, American Apparel shares rose 7.21% to $0.823 after the company reported better than estimated first-quarter sales. The trendy fashion staples seller reported total net sales increased a 15% to USD49 million in March, compared to the same period a year before. Comparable store sales on a preliminary basis increased an estimated 21% and wholesale net sales increased an estimated 10%. Quarterly total net sales increased a projected 14% to $132.7 million, while first quarter´s comparable store sales increased by 15% and wholesale net sales increased an estimated 17%.