NEW YORK Back-to-school shopping caused a surprise turnaround for retailers, which beat analyst expectations, according to published reports.
Same-store sales for major retail chains rose 3.3%, while analysts had forecast an increase of 2.5% for the month. The rise in August sales can be contributed to several factors, the reports said, including the hot temperatures, lack of news surrounding the failing economy and the late Labor Day holiday, which added on another week of sales for retailers.
"No matter how the economy is doing, back-to-school [shopping] occurs each year, and parents are budgeted for it," said Jharonne Martis, retail analyst at Thomson Reuters was quoted as saying. "The last week of August was particularly strong."