On Thursday, retail stocks rose to 52-week highs as retailers continue a string of strong reports on a resurgent U.S. consumer.
Gap, Ross, and Target all jumped 3% or more on their March sales which easily beat analyst expectations.
More broadly, retail firms reported that collectively their March sales rose a record 9.1%, according to Thomson Reuters data.
And the growth is broad-based. From high-end retailers like Saks Inc. and Nordstrom Inc. to deep discounters like Costco and Target Corp., revenue gains of more than 10% were commonly reported.
Target, Kohls, TJX Cos., Ross Stores Inc. and Aeropostale Inc. all raised their first-quarter earnings guidance, with Target in particular saying it would beat the consensus estimates by 10 cents a share or more.
Thursday retail results continue to paint a picture that points to very strong Q1 GDP growth.
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