Consumers Go on Buying Spree in June

Washington, DC, July 8, 2011 -- Spurred by aggressive promotions, consumers went on a buying spree in June, helping many retailers deliver the strongest revenue gains for that month since 1999.

However, the concern among analysts is that the momentum won't continue.

Overall, revenue at major retailers rose 6.9 percent for June, according to the International Council of Shopping Centers' tally of 28 retailers' results. Excluding gas sales, the figure rose 5.5 percent.

The June gains saw discounters and luxury brands benefiting the most and results for merchants serving the low- and middle-income shoppers lagging.

Target and Costco were among the companies that posted June results that beat Wall Street estimates. Luxury retailers like Nordstrom Inc., Neiman Marcus and Saks Inc. also posted another month gains, as wealthy shoppers have gone back to spending.

However, J.C. Penney, which targets the middle income shopper, recorded a sales gain that came in below analysts' projections.