by Calculated Risk on 6/05/2008 09:39:00 AM
Thursday, June 05, 2008
Stimulus Checks Boost Retailers?
From the WSJ: Some Chains Posts Strong Sales Despite Gas Prices, Low Confidence
Retailers posted stronger-than-expected same-store sales for May [despite a] surge in gasoline prices and tumbling consumer confidence.Overall retailers reported fairly strong sales in May. It looks like $4 gasoline didn't use up the entire stimulus.
Leading the way was Wal-Mart Stores Inc., which reported a 3.9% jump, excluding fuel, in U.S. same-store sales -- double the high end of its forecast of flat to up 2% ...
Even Wal-Mart's home-goods sales, which have been weak for some time, perked up last month and posted its first same-store-sales gain in more than two years.