Retailers’ July Sales Exceed Forecasts

US shoppers proved resilient in July, driving a key sales figure up at retailers across the country, despite persistent worry about jobs and the global economy. Results came in better than expected for many retailers, helped by hot weather and summer clearance sales, an encouraging sign as the back-to-school season, the second-biggest shopping season behind the holidays, kicks off. A preliminary tally by the International Council of Shopping Centers of 20 retailers found revenue in stores open at least a year rose 4.6 percent in July, higher than the 3 to 3.5 percent the retail group expected.