Thursday, May 06, 2010

Early April Retail Sales Disappoint

Not if you've been paying attention.
NEW YORK (Reuters)- U.S. retailers including discounter Costco Wholesale and teen chain Zumiez posted slightly disappointing April same-store sales, and the early report suggested Wall Street's hopes for a consumer rebound may be getting ahead of the pace of recovery.

Six out of nine retailers who posted sales results at stores open at least a year came in short of analyst expectations, according to a tally by Thomson Reuters. An additional 19 store chains were due to report.

"Nobody has told American consumers that the recession is over although some officials have rosy predictions of growing consumer spending," consumer trend expert Britt Beemer said in a note. "We're seeing a lot of people on the edge of financial distress."

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