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US retailers report solid gains for August despite stock market swings, jittery economy
NEW YORK (AP) ' Retailers are reporting solid revenue gains for August, capping what's winding up to be a solid back-to-school season despite wild stock market swings and worries about the economy.
But the outlook for September remains murky as Hurricane Irene, which ploughed through the Eastern Seaboard last weekend, could hurt many clothing merchants who are feeling the lingering effects of the storm and are hoping to recoup lost sales.
As retailers report their sales results Thursday, Target Corp., Limited Brands Inc., and teen retailer Wet Seal Inc. posted sales gains that beat Wall Street expectations. But Gap Inc. posted a bigger-than-expected drop.
The results measuring sales at stores open at least a year are considered a key indicator of a retailer's health.