NEW YORK — Wealthier shoppers went on a buying binge in January, and even middle-income Americans spent a little more, retailers said Thursday. Some chains reported their brightest monthly results in years.
The prospects for many stores’ fourth-quarter profit also brightened further. Macy’s, Gap Inc., Children’s Place Retail Stores Inc. and others raised their outlooks Thursday because they didn’t have to discount as heavily to sell what they ordered for the holiday season and their total sales rose.
Compared with a sharp drop last year in January sales at stores open a least a year, the strong performances offered a nice finish to the industry’s fiscal year, which typically ends in January.
But analysts worry that shoppers grappling with high joblessness and tight credit will now take a break. Story and photo by The Associated Press
