Despite January’s increase in payroll taxes U.S. consumer spending has experienced a steady climb in 2013. On Thursday, the Commerce Department reported retail sales increased 0.6 percent in May, following a 0.1 percent increase in April. The rise topped economists’ expectations of a 0.4 percent increase. Strengthening consumer spending in May comes as a welcome sign to retailers as they head into the summer shopping season. "U.S. consumers continue to be the gift that keeps on giving," said Jim Baird, chief investment officer for Plante Moran Financial Advisors. "Slow, steady improvement in the jobs market, the resurgence in home values and rising stock prices have boosted consumer spirits and catalyzed spending." Here is how some retail stocks reacted Thursday:
Abercrombie & Fitch Co. (NYSE: ANF) shares traded in the range of $48.94 to $49.81 Thursday before settling to close at $49.59, an increase of 0.98 percent. The stock appears to be facing resistance at the $49.83 and $50.48 levels. The company reported net sales were $838.8 million for the first quarter of 2013, a decrease of 9 percent when compared to the year ago quarter. Shares of Abercrombie & Fitch have gained approximately 3.4 percent in 2013.
More information on Abercrombie & Fitch and access to the free equity report can be found at: www.WallStreetFundamentals.com/ANF
Bed Bath & Beyond Inc. (NASDAQ: BBBY) shares traded in the range of $68.89 to $71.29 Thursday before settling to close at $71.03, an increase of 2.72 percent. The stock appears to be facing some resistance at $72.59 with some support at $69.84. The company reported net sales for the fourth quarter of fiscal 2012 increased 24.5 percent year-over-year to $3.401 billion. Shares of Bed Bath & Beyond have gained approximately 27 percent in 2013.
More information on Bed Bath & Beyond and access to the free equity report can be found at: www.WallStreetFundamentals.com/BBBY
The Gap Inc. (NYSE: GPS) shares traded in the range of $40.62 to $41.47 Thursday before settling to close at $41.39, an increase of 1.87 percent. The stock appears to be facing some resistance at $43.16 with support at $41.11. The company reported net sales for the month of May increased 11 percent when compared to a year ago. Shares of The Gap have gained approximately 33 percent in 2013.
More information on The Gap and access to the free equity report can be found at: www.WallStreetFundamentals.com/GPS
J.C. Penney Company, Inc. (NYSE: JCP) shares traded in the range of $17.78 to $18.25 Thursday before settling to close at $18.15, an increase of 1.97 percent. The stock appears to be facing stiff resistance at $18.67 with some support at $17.61. The company reported a net loss of $348 million, or $1.58 per share, for the first quarter of fiscal 2013. Shares of J.C. Penney have fallen approximately 7.9 percent in 2013.
More information on J.C. Penney and access to the free equity report can be found at: www.WallStreetFundamentals.com/JCP
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