U.S. apparel retail industry picks up with spring, sales rise slightly
Recently, rising temperatures have brought “spring” to American retailers early. The latest data shows that sales of clothing retailers increased slightly in February due to the increasing desire of American consumers to buy due to the increasingly warm weather.
In February, same-store sales of Gap, the largest clothing retailer in the United States, rose 4%, recording the first growth in nearly eight months. Gap said the role of spring clothing in boosting sales and economic growth should not be underestimated. Luxury department store chain Nordstrom’s February sales rose 10%, while Saks’ sales rose 6.6%, thanks to large sales on shoes and clothing. In addition, Target’s February same-store sales increased 7%, Macy’s comparable store sales rose 4.6%, Ross Co. and global apparel retailer TJX each increased their earnings by 9%. Benefiting from the Valentine’s Day consumption boom, same-store sales of Limited Brands, the predecessor of women’s underwear chain Victoria’s Secret, increased by 8%. Teen fashion retail company Buckle’s sales surged 14.8%.
The National Retail Federation (NRF) once predicted that in February this year, the average personal consumption level will increase by 8.5% from last year to US$126.03, reaching a new high in 10 years, with total consumption expected to reach US$17.6 billion. The current market environment in the United States is witnessing this speculation. Industry surveys also show that the U.S. consumer confidence index reached its highest value in February. Lynn Franco, director of Conference Board, said: “In January this year, the U.S. consumer confidence index declined, but there has been a gratifying recovery since February.” It can be seen that, The overall economic situation in the United States is warming up. LynnFranco added: “Despite further increases in oil prices, the industry is relatively optimistic about the short-term economic conditions, career prospects and financial conditions.”
February, as the shortest month of the year, is both a transitional month for the U.S. retail industry to digest inventory and a month to bid farewell to the old and welcome the new while waiting to see how consumption trends will be. As consumer demand gradually increases in February, retailers will also usher in a warmer spring in March and April. However, some experts warn that when the price of oil approaches $4/gallon, low-income consumers in the United States will once again tighten their wallets to control additional expenses.
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