Retailers get back-to-school sales bump

September 1, 2011: 2:47 PM ET
Macy's stock

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NEW YORK (CNNMoney) -- Consumers say they're as pessimistic about the economy as they were in the middle of the Great Recession, but that didn't stop them from opening their wallets last month.

Same-store sales at retail chains rose at an annual rate of 4.4% in August, the height of the back-to-school shopping season, even as Hurricane Irene had a mixed impact on retailers.

Macy's (M, Fortune 500) reported a 5% increase in August same-store sales (that is, sales at stores open for at least a year) despite having more than 100 locations closed during the month's last weekend due to the hurricane.

Target (TGT, Fortune 500) enjoyed a bump in sales as shoppers prepared for the stormy weather. The retailer reported same-store sales growth of 4.1% for August, which was higher than expectations.

Costco (COST, Fortune 500) also sidestepped Hurricane Irene, with sales surging 11% during the month.

Businesses after Irene: from wipeout to windfall

But not all retailers are created equal. JC Penney's (JCP, Fortune 500) same-store sales continued to deteriorate, falling 1.9% in August. The situation was not better for Gap (GPS, Fortune 500), where sales plunged 6% in August. Both stocks are trading near their lows for the year.

These are among the most popular themes on StockTwits Thursday:

MaysReport: Gap August same store sales drop 6%. Expectations were for a 3.9% decline. $GPS

ldrogen: But in retail land, you don't hear about $GPS or $WMT a lot anymore, the focus shifts quickly to new brands like $LULU and $WFM.

Ktr8der: Retail winners $M $TGT $LTD $JWN, Losers $JCP $GPS to name a few.

BrianSozzi: Would expect upward revisions on $COST eps estimates in coming days.

fundmyfund: One of the best CEO's in the business and one of the least greedy Jim Sinegal retiring. $COST  To top of page

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