Retailers Report Modest Sales Gains for August
NEW YORK (AP)- Many retailers are reporting modest gains for August as shoppers spent cautiously on clothing.
The results cap a disappointing back-to-school selling season that raises questions about whether Americans will spend during the winter holidays, the biggest shopping period of the year.
Revenue at stores opened at least a year- an industry measure of a retailer's health- rose 3.7 percent in August, a small uptick from the 3.5 percent gain from July, according to a preliminary tally of eight retailers by the International Council of Shopping Centers.
The figure excludes drug store chains.
Clothing chain Cato Corp. was among the retailers that posted a decline, while L Brands Inc. posted a sales increase that was a bit below Wall Street expectations.
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