Late Back-to-School Shopping Lifts Retail Sales

Teen apparel retailers led generally stronger-than-expected same-store sales in September, with a late start to the back-to-school season helping those chains beat Wall Street forecasts. Department stores and luxury chains also posted forecast-beating results, though retail experts warn the gains could be short-lived as consumers draw up budgets for the holiday shopping season. "It was a late back-to-school season that started slowly while shoppers waited for discounts," said David Bassuk, managing director at AlixPartners' global retail practice. "And it looks like they'll do the same for the holidays." U.S. same-store sales rose 2.8%, according to Thomson Reuters TRI data which tracks 28 top chains, beating analysts' estimates for a 2.1% increase. It was the 13th straight month of sales gains. Apparel chains appealing to young shoppers such as Abercrombie & Fitch ANF, The Buckle BKE and Zumiez ZUMZ were among the best performers. Continue reading the article.