The recent jumps in oil prices have fueled fears that consumers - spending more money on filling up the gas tank - will have less to spend on retail purchases. That's why yesterday's news that retail sales were actually up in March was greeted with sighs of relief. March marked the ninth straight month that retail sales increased.
And it's not just that retail sales were up 0.4 percent in March. The Commerce Department also revised its February sales figures upward, to growth of 1.1 percent. It further reported that the amount of goods on hand compared to sales has now reached a record low, meaning that inventories are very low, and retail stores will need to spend more money to replenish their stocks.
Department stores appear to be among the biggest winners here. Analysts had expected a decline in sales for Macy's stores nationwide, for instance, but Macy's recently reported that same-store sales were up last month. Saks, Nordstrom and Neiman-Marcus also beat their analysts' estimates.
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