Monthly sales volumes from individual department, chain, discount, and apparel stores are usually reported on the first Thursday of each month. Chain store sales correspond with roughly 10 percent of retail sales. Chain store sales are an indicator of retail sales and consumer spending trends. Why Investors Care
Highlights
A spell of hot weather late in the month sparked an apparent fury of pent-up summer shopping during June as the nation's chain stores recovered from weakness in May to report one of their best months in memory.
Discount chains popped up after several months of depressed results tied to the effects of high gas prices on lower income consumers. Once again Target was among the best performers in the discount group, posting a same-store sales rise of 9.0% vs. 7.0% in May. Department stores also did very well with JC Penney posting a 7.4% same-store rise vs. 3.5% in May. Like several other big chains, JC Penney raised guidance following the results.
Today's results are certain to raise expectations sharply for next week's retail sales report, which along with the dramatic spike in GM truck sales, is likely to prove unusually strong. But the results may have only limited effect on the economic outlook given uncertainty whether the June spike is a one-time weather-related event and uncertainty over the future of auto incentives and the health of auto makers. Share prices of retailers were mixed Thursday morning as the bombings in London are depressing stocks.
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