October sales offer relief to merchants

NEW YORK (AP) — Consumers, enticed by cooler weather, early holiday discounts and an improving economy, spent a little more in October, handing the retail industry its second consecutive sales gain after more than a year of declines.

Even affluent shoppers, who had been tight with their purses since the financial meltdown last year, spent more for designer duds.

As merchants announced their figures Thursday, the results showed that shoppers still were not splurging, restrained by tight credit and a weak job market. But the improving figures and tone of the reports all pointed to a sales momentum, encouraging signs as the industry heads into the holiday shopping season.

Among the bright spots were Costco Wholesale Corp.; TJX Cos., which operates T.J. Maxx and Marshalls, and Gap Inc., all of which reported solid gains for October. But the biggest surprise were the rebounding sales at luxury retailers like Saks Inc., and Nordstrom Inc.