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A 1.2 drop in sales wasn’t enough to offset enthusiasm for retail stocks
Consumers are still spending less, but not as much less. The International Council of Shopping Centers-USB retail sales report for the week ending May 16 showed a 1.2 percent drop in sales. Year over year, the decline was .3 percent. That pace, says the report, “continues to stay above its (retail sales) recent low-growth rating.”
Increasing consumer confidence that the worst is over also spurred gain in retail sector stocks. Better than expected performances by the nation’s number two home improvement retailer, Lowe’s, and department store chain Dillard’s (which confounded Wall Street by posting first-quarter profits) were enough to rally retail sector stocks. The consensus among analysts quoted by various media was that the tipping point between negative change and positive gains is getting closer.
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