Late back-to-school buying boosts retail sales

“We are pleased with our performance during August, because it reflects continuing momentum in grocery and electronics. Home and apparel are expected to continue improving into the fourth quarter,” said Eduardo Castro-Wright, president and chief executive officer of Wal-Mart Stores U.S. in a statement.

Wal-Mart projected that same-store sales will be up 1 percent to 3 percent in September.

Rival discounter Target also posted strong results, turning in a 6.1 percent gain in same-store sales, better than the 5.0 percent estimate.

Luxury stores again did well as shoppers splurged on status handbags and other expensive items. Saks Inc., which operates upscale Saks Fifth Avenue, reported a robust 18.2 percent gain in same-store sales, beating the 9.2 percent estimate. Nordstrom Inc. posted a 6.6 percent gain in same-store sales, slightly exceeding analysts’ expectations for a 6.3 percent increase.

Macy’s Inc. posted a 2.4 percent gain in same-store sales, better than the 0.3 percent estimate.

Gap Inc. had a 1 percent drop in same-store sale, less than the 2 percent analysts expected.

AnnTaylor Stores Corp., citing improving sales at both its namesake stores and its lower-priced LOFT division, posted a 2.9 percent gain in same-store sales in August. Analysts had expected a 1.9 percent decline in same-store sales.

Limited Brands Inc. had a modest 1 percent rise in same-store sales, below the 1.4 percent forecast.

Teen retailers scored a strong rebound from sluggish results in July. Wet Seal Inc. reported a 1.7 percent gain in same-store sales, better than the 0.6 percent estimate. Abercrombie & Fitch had a 6 percent gain in same-store sales, better than the 2.1 percent projection.

Pacific Sunwear posted a 9.6 percent gain in same-store sales, surpassing the 0.9 percent forecast.

On Wednesday, J.C. Penney Co. reported a 4 percent drop in same-store sales, though results were better than the 5.3 percent decline Wall Street expected. Penney said monthly results were distorted by a change in the calendar that moved sales from the first few days of August into the July reporting period, when same-store sales jumped 10.8 percent.

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