Wednesday, July 20, 2016

NATIONAL NEWS

US retail sales rose sharply in June, a sign consumers are spending at a healthy clip and propping up the economy after a slow start earlier in the year. Retail sales rose a seasonally adjusted 0.6% to mark the third straight strong gain.The surge in spending was led by home-and-garden centers and online stores. Sales at stores that sell building materials and garden supplies soared 3.9% to mark the biggest increase since 2010. These purchases accounted for about 42% of the total increase in retail sales last month. Gas stations and even department stores also recorded strong sales. Gas prices increased in the spring and early summer, though prices have since leveled off. Sales at apparel stores fell 1%, restaurants lost business and sales at purveyors of electronics and appliances were flat. Among retailers reporting monthly comp-store sales, L Brands was up 6.0%, Gap was up 2.0%, and Costco was flat See our sales reports below...Dick’s Sporting Goods was the victor at the bankruptcy auction for Sports Authority. Dick’s bid $15 million for the brand name and other intellectual property, beating Sports Direct International PLC’s $13 million bid. Dick’s also had the winning bid for 31 Sports Authority store leases, for an additional $8 million. The bids are subject to the approval of the US Bankruptcy Court.

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