Make us your home page
Instagram

Retailers post modest gains for September

NEW YORK — Several retailers reported modest sales gains for September as shoppers who were worried about a partial government shutdown and the overall economy pulled back their spending from August.

The results increase concerns about how shoppers will spend during the crucial holiday season, the largest selling period for retailers.

Revenue at stores open at least a year — a measure of a retailer's health— rose 2.7 percent in September, according to a preliminary tally of nine retailers by the International Council of Shopping Centers. That was a slower pace than the 3.5 percent increase posted in August.

L Brands, the parent of Victoria's Secret, and Costco Wholesale were among the chains that reported results that missed Wall Street estimates, while Stein Mart posted results that beat analysts' expectations.

Only a sliver of retail chains report monthly sales figures, and the list doesn't include Wal-Mart stores, Macy's and many other large chains. But it offers some clues into consumer spending heading into the holiday shopping season.

L Brands reported that revenue at stores opened at least a year rose just 1 percent in September, below the 2 percent gain that analysts polled by Thomson Reuters expected. Costco Wholesale reported that revenue at stores opened at least a year rose 3 percent, below the 3.7 percent gain that was anticipated by Wall Street.

September was a difficult month. Warmer-than-usual weather hurt sales of sweaters and other fall clothes. But economic concerns also dampened sales.

Shoppers worry that the partial government shutdown, which has forced several hundred thousand federal workers off their jobs, will be prolonged. That, and the possibility that politicians won't resolve their deadlock over the federal debt limit before the U.S. Treasury's borrowing authority is exhausted next week, adds to the concerns. A financial default could plunge the economy into recession, cause interest rates to increase and home values to drop.

Those worries compound challenges retailers have had in trying to get shoppers spending again. The job and housing markets are improving, but that hasn't yet translated into sustained spending increases among most shoppers.

Retailers post modest gains for September 10/10/13 [Last modified: Thursday, October 10, 2013 8:31pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, Associated Press.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. Tampa Bay is ground-zero for assignment of benefits cases over broken auto glass

    Banking

    When Rachel Thorpe tried to renew her auto insurance last year for her Toyta RAV4, she was stunned to see her monthly premium had nearly doubled to $600. The Clearwater driver was baffled since her only recent claim was over a broken windshield.

    Auto glass lawsuits filed by a third party (through what's known as assignment of benefits) are skyrocketing in Tampa Bay.
[Times file photo]
  2. Siesta Beach tops Dr. Beach's rankings of best locations in America

    Tourism

    Three beaches in Florida made it on a highly coveted list of the top 10 in America this year, ranked by Dr. Stephen Leatherman, a.k.a. "Dr. Beach."

    This May 18, 2017 photo shows Siesta Beach on Siesta Key in Sarasota, Fla. Siesta Beach is No. 1 on the list of best beaches for the summer of 2017 compiled by Stephen Leatherman, also known as Dr. Beach, a professor at Florida International University. [Chris O'Meara | Associated Press]
  3. Brooksville's popular Florida Cracker Kitchen aims at statewide expansion

    Retail

    BROOKSVILLE — Florida Cracker Kitchen's inverted cowboy boot logo — seemingly plastered on every pickup truck in Hernando County — may someday be just as ubiquitous across the state.

    Shrimp and grits is a signature dish at Florida Cracker Kitchen, which plans to open more restaurants in the state.
  4. Alison Barlow named director to spur creative economy, jobs of St. Pete Innovation District

    Economic Development

    After an extensive search, the recently created St. Pete Innovation District now has its first executive director. Alison Barlow on Thursday was named to the position in which she will help recruit and facilitate a designated downtown St. Petersburg area whose assets and members range from USF St. Petersburg, Johns …

    Alison Barlow has been named the first executive director of the recently created St. Pete Innovation District, a designated downtown St. Petersburg area whose assets and members range from USF St. Petersburg, Johns Hopkins All Children's Hospital and Poynter Institute to SRI International and the USF College of Marine Science, among many other organizations. Barlow, who most recently served as manager of the Collaborative Labs at St. Petersburg College, starts her new job June 16.[Photo courtesy of LinkedIn]
  5. Trigaux: Amid a record turnout, regional technology group spotlights successes, desire to do more

    Business

    ST. PETERSBURG — They came. They saw. They celebrated Tampa Bay's tech momentum.

    A record turnout event by the Tampa Bay Technology Forum, held May 24 at the Mahaffey Theater in St. Petersburg, featured a panel of area tech executives talking about the challenges encountered during their respective mergers and acquisitions. Show, from left to right, are: Gerard Purcell, senior vice president of global IT integration at Tech Data Corp.; John Kuemmel, chief information officer at Triad Retail Media, and Chris Cate, chief operating officer at Valpak. [Robert Trigaux, Times]