
Despite falling consumer confidence and gas prices that teetered around $4 a gallon, retailers surprised analysts by reporting better-than-expected same-store sales for May on Thursday. Discount retailers like Wal-Mart Stores, Costco Wholesale and TJX fared particularly well as price-conscious customers spent federal income-tax rebate checks on groceries, gasoline and off-price clothing
Other wholesalers also benefited. Same-store sales at Costco jumped 9 percent in May, compared with an 8 percent increase last year. BJ's Wholesale Club's comparable sales rose 6.8 percent, excluding gasoline, in May.
"May came in better than expected," Michael P. Niemira, chief economist at the International Council of Shopping Centers, a trade group, said in a statement. "It is very clear that consumers are spending in a conservative manner as the lift largely came from an increase in sales in the wholesale, drug store and discount sectors."
Discount retailers like Wal-Mart Stores, Costco Wholesale and TJX fared particularly well
It was all the survivalists stocking up on food supplies against a possible economic collapse :-\
;-)
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