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WRAPUP 3-U.S. shoppers go for bargains in April rebound

Thu May 8, 2008 10:31pm IST
 
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(Adds details from BJ's Wholesale and TJX Cos)

By Justin Grant

NEW YORK, May 8 (Reuters) - U.S. retail sales rebounded in April after the worst March in 13 years, as warmer weather boosted demand for spring and summer apparel, and most discounters shined as cash-strapped consumers hunted for bargains.

Overall, 68 percent of U.S. retailers reported better-than-expected sales at stores open at least a year, according to Thomson Reuters data.

April was the best month for retailers since November, said Ken Perkins, president of Retail Metrics Inc.

Warehouse club operators who give discounts to shoppers buying in bulk -- such as Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research), Costco Wholesale Corp (COST.O: Quote, Profile, Research) and BJ's Wholesale Club (BJ.N: Quote, Profile, Research) -- performed well.

Many retailers have struggled in recent months as consumers pare spending on less essential items in light of soaring gasoline prices and grocery bills.

Crude oil prices have surged to more than $120 a barrel, keeping gasoline prices high. As of May 2, the average retail price for gasoline was a record $3.6245 a gallon.

"Discounters clearly stood head and shoulders above all comers," Perkins said.  Continued...

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