NEW YORK (AP) -- Many of the nation's retailers reported an improvement in sales for April, but Wall Street analysts don't see this as a reassuring sign that consumer spending is on the rebound.
Rather, consumers are continuing to struggle with rising energy prices as well as a deepening economic malaise that are making them less confident about spending freely, analysts said.
Department stores, particularly May Department Stores Inc., Dillard's Inc., Bon-Ton Stores Inc., and Elder-Beerman Stores Corp., fared the worst, according to results announced Thursday.
However, J.C. Penney Co., which has been struggling, posted sales that beat Wall Street expectations.
Discounters, particularly Wal-Mart Stores Inc. and Kohl's Corp., appeared to be the clear winners. Wal-Mart, the world's largest retailer, turned in a better-than-expected 6.5 percent increase in sales at stores open at least a year, known as same-store sales. That was above analysts' expectations for a 3 to 5 percent gain.
Brainerd Dispatch ©2013. All Rights Reserved.