SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Aug 6, 2012) - Despite concerns of global economic slowdown U.S. retailers, led by Gap and Macy's, reported same-store sales that beat analysts' estimates. A report released by Thomas Reuters on Thursday showed that same-store sales of the companies tracked by Reuters increased 4.6 percent, topping expectations of 3.1 percent. The Paragon Report examines investing opportunities in the Retail Industry and provides equity research on Macy's, Inc. (NYSE: M) and Target Corporation (NYSE: TGT).
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According to a recent survey by the National Retail Federation back-to-school spending for children ages 6 to 17 is expected to increase to $688 per child from the $603 last year. Overall back to school shopping for school-age children is projected to total $30.3 billion.
"Despite a tough economic environment, consumers are showing they're tired of the recessionary spending mentality," Kurt Salmon retail strategist Alden Lury said in a telephone interview. "Signs are pretty positive across the board, and that bodes well for the holidays."
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Shares of Macy's surged nearly 4 percent last Thursday after the company reported same-store sales were up 4.1 percent in July. "We ended the first half of 2012 with strong sales in July. Despite some challenges from a sluggish macroeconomic environment," said Terry J. Lundgren, chairman, president and CEO of Macy's, Inc.
Target reported July same-stores increased 3.1 percent, beating the 2.7 percent that was expected. Net retail sales for the four weeks ended July 28, 2012 were $4,995 million, an increase of 3.2 percent from $4,840 million for the four weeks ended July 30, 2011. Shares of Target are up over 20 percent year-to-date.
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