NEW YORK, NY--(Marketwire -08/06/12)- Despite concerns of global economic slowdown U.S. retailers, led by Gap and Macy's, reported same-store sales that beat analysts' estimates. A report released by Thomas Reuters on Thursday showed that same-store sales of the companies tracked by Reuters increased 4.6 percent, topping expectations of 3.1 percent. The Paragon Report examines investing opportunities in the Retail Industry and provides equity research on The Gap Inc. (GPS) and The TJX Companies, Inc. (TJX).
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According to a recent survey by the National Retail Federation back-to-school spending for children ages 6 to 17 is expected to increase to $688 per child from the $603 last year. Overall back to school shopping for school-age children is projected to total $30.3 billion.
"Despite a tough economic environment, consumers are showing they're tired of the recessionary spending mentality," Kurt Salmon retail strategist Alden Lury, said in a telephone interview. "Signs are pretty positive across the board, and that bodes well for the holidays."
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Gap shares saw their biggest increase in nearly four years after the company reported that net sales for the second quarter of fiscal year 2012 increased 6 percent compared with last year, and July 2012 net sales increased 12 percent when compared with last year.
The TJX Companies is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. Same store sales for the four-week period ended July 28, 2012 increased 7 percent over last year, analysts had expected an increase of 5 percent. The company now expects second quarter earnings per share to be approximately $0.55.
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