Retail exchange traded funds (ETFs) seem to like the sales reports that came out today. Retail sales data for the month of May came in strong, despite gas prices hitting consumer wallets and a low consumer confidence, reports Peter McKay of the Wall Street Journal.
Discount stores have benefited from the current economic climate as shoppers look for bargains and bulk purchases.
Wal-Mart (WMT) reported a 3.9% jump in same-store sales for the month, stating that consumers appear to be spending their tax rebate checks in its stores. This was their biggest increase in two years.
Costco (COST) also reported a rise in sales, with a stronger-than-expected gain of 9%. BJ’s Wholesale Club (BJ) had a 13% increase.
Some of the retail ETFs that are up on today’s news include: