NEW YORK — Although consumer confidence may be increasing, it’s not showing up at the cash register yet. Many retailers posted disappointing May sales Thursday, and food and necessities remained high on shoppers’ lists.
According to a Goldman Sachs/ICSC tally, overall same-store sales fell 4.6 percent, worse than the 3 percent drop predicted.
The lower-than-expected results did not include Walmart stores, which in recent months has boosted total results but has stopped reporting monthly figures.
April’s same-store sales figures included Walmart and edged up. But excluding the world’s largest retailer, May was the 10th straight month of same-store sales declines.
The results come amid faint signs that the gloom of recession is lifting.
Luxury chains and department-store operators continued to be the weakest sectors. Discounters such as Ross Stores Inc. and teen apparel retailers such as The Buckle Inc. were stronger.
Cheap chic discounter Target reported a bigger drop than analysts expected, as apparel and home products continued to be weak sellers.
Overall, necessities like food and health care products continued to be the strongest sellers.
by the associated press
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