US retailers' sales rise in Sept, but shoppers stay cautious
NEW YORK (REUTERS) - United States shoppers continued to show caution in their spending in September, gravitating toward bargains, as political strife in Washington and slow job growth hurt their confidence with the start of the holiday season just weeks away.
L Brands Inc on Thursday reported sales at stores open at least a year rose 1 per cent in September, missing Wall Street estimates of a 2 per cent gain. The company had soft business at its Victoria's Secret chain, where it had to offer deeper promotions than it had expected.
Zumiez Inc, The Buckle Inc and American Apparel Inc all said same-store sales declined last month, continuing a tough stretch for stores that cater to younger shoppers.
A group of nine retailers were expected to report a 3.1 per cent rise in September same-store sales, compared to a 5.5 per cent gain last year, according to Thomson Reuters.