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US retail sales top expectations, offer hope for holidays

By
Andria Cheng
Published Nov. 4, 2010, 1:12 p.m. ET

Despite concerns about unseasonably warm weather and economic pressures, many US retailers reported October sales Thursday that beat analysts’ lowered expectations, offering hope that consumer spending might remain resilient heading into the key holiday selling period.

Analysts cut their October estimate to a 1.7 percent increase, which would mark the slowest growth in six months, from a 2.2 percent increase at the start of the month, according to Retail Metrics.

Limited Brands, parent of Victoria’s Secret, raised its quarterly per-share profit guidance Thursday to as much as 17 cents, from a previous projection of as much as eight cents. Its October sales rose a better-than-expected nine percent.

Teen retailer Zumiez was also a standout, with sales surging 21.5 percent, topping estimates for a 7.8 percent increase. The company forecast third-quarter profit of as much as 37 cents a share from prior guidance of as much as 30 cents a share.

Discounter Costco said its sales rose six percent and would have been up five percent excluding the positive impact of gasoline inflation and stronger foreign currencies. Both measures exceeded analysts’ estimates.

Target same-store sales last month were less robust — up 1.7 percent, at the low end of its expectations — but still managed to narrowly beat analysts’ predictions for a 1.5 percent increase.

The sales surge was also seen on the luxury front. Saks said Thursday that October same-store sales for its high-end department stores increased by 8.1 percent, well ahead of a two percent forecast.

Still, retailers said they remained watchful. In addition to the nearly 10 percent jobless rate and a still-fragile economy, the industry was also bracing for rising cotton and other costs.

For more on this story, please go to MarketWatch.