Target, BJ’s see pickup in consumer spending
May 19, 2010No Comments
Source: ABC News
Discount retailer Target Corp and warehouse club operator BJ’s Wholesale Club Inc posted higher-than-expected quarterly earnings as consumers began to spend on more than just necessities.
Target cited sales of more profitable items like apparel, while BJ’s saw a return of consumers buying in bulk. Target shares were down 0.6 percent, while BJ’s gained 4.5 percent.
The results at Target also highlighted a split in U.S. consumer spending. Sales at Target stores open at least a year rose 2.8 percent, while much larger rival Wal-Mart Stores Inc on Tuesday posted a worse-than-expected drop in same-store sales at its U.S. discount stores.
