New York, March 3—Retailers posted better than expected sales in February as consumers appeared to be reassured of an improving economy.
As the nation’s major retailers reported February results, many beat analyst forecasts, including Wal-Mart Stores Inc., Target Corp., J.C. Penney Co. Inc. and Nordstrom Inc.
Among the few disappointments were May Department Stores Co., which announced Monday that 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. The economy appears stronger than initially expected. And consumers are responding to spring fashions, despite the cold weather snap."
Wal-Mart reported a 4.1 percent increase in same-store sales, surpassing the estimates of analysts surveyed by Thomson First Call; they had forecast a 3.7 percent gain. Total sales rose 10.9 percent.
Target said same-store sales rose 9.0 percent, exceeding the 6.4 percent estimate. Total sales rose 16.1 percent
The department store sector also had a solid month, with luxury retailers again reporting the biggest gains.
Nordstrom Inc. had a 7.0 percent increase, well exceeding the 3.7 percent Wall Street estimate. Total sales rose 8.4 percent.
Neiman Marcus Group Inc. said Wednesday it had a 7.7 percent gain in same-store sales, better than the 5.5 percent forecast. Total sales rose 6.5 percent.
Penney had a 6.1 percent gain in same-store sales in its department store business, better than the 4.3 percent projection. Total sales rose 6.6 percent.
Federated had a 1.8 percent gain in same-store sales, better than the 0.5 percent decline Wall Street expected. Total sales rose 1.6 percent.
Sears' same-store sales in its domestic business rose 1.3 percent, surpassing the 0.4 percent estimate. Total sales rose 2.2 percent.
But May suffered a 4.1 percent decline in same-store sales, worse than the 2.7 percent Wall Street anticipated. Total sales rose 14.5 percent.
