Many major retailers reported higher-than-forecast April sales. And most attributed the gains to an early, warm spring. Overall, the Goldman, Sachs retail index gained 3 percent in same-store sales, nearly twice the estimated 1.8 percent gain.
Wal-Mart posted a comp-store sales increase of 6.5 percent, and Kmart showed a 1.1 percent gain. Analysts said that both discount giants benefited from a surge of consumer interest in garden equipment, patio furniture and spring clothes. Analysts also noted that rising energy costs and the still-uncertain economy drove shoppers to discounters, looking for bargains. Likewise, comp-store sales at Sears rose 1.3 percent, at JCPenney 3.8 percent, at Target 1 percent and at Kohl's a whopping 12.7 percent. AnnTaylor stores reported only a 1.2 percent gain, but sales at AnnTaylor Loft stores were up 12 percent.
Lest the April euphoria trample all fears of a soft 2001, it was noted that a year ago Wal-Mart showed a 10.9 percent gain and Target sales were up 11.1 percent.