Retailers' June Same-Store Sales Rise Led By Wal-Mart, Costco

New York, NY (AHN) - U.S. retailers reported higher sales in the month of June as fuel rates and food prices continued to remain high during last month.

Wal-Mart Stores Inc. and Costco Wholesale Corp. led the retailers sector in the nation as consumers used the extra tax rebates from the authorities.

Sales in stores open at least one year is an important factor that helps determine the retail health and it is also known as same-store sales.

According to the International Council of Shopping Centers, sales at U.S. stores open at least a year increased 4.3 percent in June, more than it had projected to increase between 2 percent to 2.5 percent.

Wal-Mart Stores reported its same-store sales, excluding fuel sales, increased by 5.8 percent over year-earlier levels in June and Costco sales rose 9 percent, more than analysts estimated had estimated for both the stores.

Other retailers including Target Corp. said June same-store sales gained by 0.4 percent, Kohl's Corp. added 2.3 percent, led by sales of shorts and T-shirts.

While, Gap, the largest U.S. clothing retailer, reported sales dropped by 7 percent, followed by Limited Brands Inc.'s sales down by 9 percent and J.C. Penney's same-store sales declined by 2.4 percent.

The firms fell less than estimated by the analysts.

Shares of the retailers, however, declined as the market analysts have been speculating that the rise in the sales led by the money from tax rebates may not last long as fuel prices and unemployment continue to rise.