Caris Analyst Predicts Strong Same-store Sales

NEW YORK (AP) — Shares of major department-store operators rose on Monday amid positive comments from an analyst who predicted strong same-store sales in September. The broader market rose, as well.

Same-store sales measure sales at stores open at least one year and are an important metric of how well a retailer is faring. Many companies will report sales figures this Thursday.

Caris & Co. analyst Dorothy Lakner said September should be stronger than August, when sales were better than expected.

Lakner also said that Labor Day weekend and promotional events likely encouraged customers to visit stores.

"Retailers are in a stronger position than last year, with leaner inventories and what is sure to be a plethora of planned promotions for holiday," she wrote in a client note.

Separately, the broader market rose following an upbeat report from the Institute for Supply Management, which showed that the service sector grew for the first time in more than a year.

Here's how some department store operators traded. Cincinnati-based Macy's Inc. saw its stock rise 81 cents, or 4.7 percent, to $18.21. The company also said Monday that next year it will sell Ellen Tracy sportswear merchandise.

Shares of Dillard's Inc. advanced 66 cents, or 5 percent, to $13.76.

J.C. Penney Co.'s stock rose 94 cents, or 2.9 percent, to $33.91, and Saks Inc.'s stock rose 18 cents, or 2.9 percent, to $6.39.