Investors Turn Blind Eye to Dismal July Sales

Despite sluggish July same-store sales, retail shares soar in afternoon trading.
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NEW YORK (

TheStreet

) -- Dismal July same-store sales at retailers were not enough to scare off investors on Friday.

The International Council of Shopping Centers said comparable sales during the month tumbled 5%, and more than a handful of companies

missed what were already low-balled expectations

.

Amid the disappointing numbers, there were some signs of hope for the second quarter.

Kohl's

(KSS) - Get Report

,

TJX

(TJX) - Get Report

and

American Eagle Outfitters

(AEO) - Get Report

were among some of the companies that actually raised guidance for the upcoming quarter, giving hope to investors.

The S&P Retail Index rose nearly 4% Friday afternoon to 372.69.

Some of the biggest winners were in the department store sector, with

Saks

(SKS)

shooting up 10.5% to $5.88,

J.C. Penney

(JCP) - Get Report

soaring 8.5% to $34.10,

Nordstrom

(JWN) - Get Report

jumping 9% to $30.50 and

Macy's

(M) - Get Report

growing 6% to $15.90.

Other notable gainers included

Urban Outfitters

(URBN) - Get Report

, which increased 6% to $27.95,

Pacific Sunwear of California

(PSUN)

, which grew 10% to $3.74,

Chico's FAS

(CHS) - Get Report

, which spiked 9% to $12.68 and

J.Crew

(JCG)

, which shot up 9% to $31.95. Shares of drugstore

Rite Aid

(RAD) - Get Report

also received a 7% boost to $1.67.

-- Reported by Jeanine Poggi in New York.

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