American retailers are announcing surprisingly positive sales numbers, beating already aggressive growth estimates for the month of September.
A Thomson Reuters survey called for 2.1% growth, year-over-year in September. But already 80% of retailers who have reported are beating their estimates, according to CNBC.
The list of stores that beat estimates includes some huge names like JC Penney’s, Nordstrom, and Macy’s.
But it’s actually the smaller stores that are crushing estimates, like Abercrombie and Fitch, American Eagle, and Limited.
Notable losers are Costco Wholesale, BJ Wholesale, and Target.
That may indicate a revival in consumer spending on more high end clothing items, rather than those sold at big box stores.