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Spokane, Washington  Est. May 19, 1883

Retail sales strong in February



 (The Spokesman-Review)
Associated Press

NEW YORK — Despite a spike in oil prices and stormy weather in the Northeast and Midwest, consumers extended their shopping spree into February, handing retailers better-than-expected sales for the month.

As merchants reported their results Thursday, it was clear that factors including new spring fashions and bigger tax refunds helped boost spending, but analysts also pointed to a generally improving economy, particularly the job market, that has helped reinvigorate business since the beginning of the year.

Especially encouraging were reviving sales at mid- and lower-priced department stores, such as Kohl’s Corp. and Sears, Roebuck and Co., which had struggled as customers worried about job security cut back their spending.

A broad range of companies beat Wall Street sales forecasts, including Wal-Mart Stores Inc., Target Corp., J.C. Penney Co. Inc., Nordstrom Inc., Talbots Inc. and teen retailers such as Abercrombie & Fitch Inc.

Among the few disappointments were Limited Brands Inc. and May Department Stores Co., which announced Monday it was being acquired by Federated Department Stores Inc.

“The final February tally is very robust,” said Ken Perkins, retail analyst at RetailMetrics LLC., a research firm in Swampscott, Mass. “The strength was across all retail categories.”