February Retail Sales Beat Estimates, Led by Macy’s, J.C. Penney

U.S. retailers posted a gain in same-store sales in February that surpassed analysts’ estimates, driven by department stores, as more confident shoppers embraced the arrival of warm-weather goods.

Same-store sales at Macy’s Inc., the second-largest U.S. department store chain, rose 5.8 percent, compared with the 3.7 percent average gain from analysts’ estimates compiled by Retail Metrics Inc. Revenue increased 6.4 percent at J.C. Penney Co. and 5 percent at Kohl’s Corp., both surpassing projections.

Confidence among U.S. consumers rose last month to the highest level in three years, according to a Thomson Reuters/University of Michigan index, as a drop in unemployment helped overcome concern over rising food and fuel costs. Customers also returned to stores that were closed for several days in January because of snowstorms.

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- Posted: 2011-03-03 11:05:28

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