By Andria Cheng, MarketWatch
NEW YORK (MarketWatch) — Retail stocks fell on Wednesday after oil futures again topped the $100-a-barrel mark, raising concerns that rising fuel prices will slow the growth in consumer spending.
The S&P Retail Index (RLX 505.38, -7.41, -1.45%) fell 0.1% to 505.04. See story on oil.
Staples Inc. (SPLS 20.41, -0.45, -2.16%) shares rose 1.3% after the largest U.S. office-supplies retailer said sales in the first quarter have recovered after bad weather hurt results in the fourth quarter. See full story on Staples.
The smaller Office Depot Inc. (ODP 5.21, +0.01, +0.19%) was up 0.9%. OfficeMax Inc. (OMX 13.51, +0.28, +2.12%) was up 2.3%.
Costco Wholesale Corp. (COST 72.81, -0.81, -1.10%) dipped 0.2% after the largest U.S. warehouse retailer’s quarterly results matched Wall Street expectations, disappointing some investors who were looking for an upside surprise. The smaller BJ’s Wholesale Club Inc. (BJ 48.96, +0.65, +1.35%) rose 1.1% after its profit and first-quarter forecast topped analysts’ estimates. See earnings results for Costco, BJ’s.
Still, giving a positive indicator ahead of retailers’ February same-store sales reports on Thursday, both reported numbers that topped Wall Street expectations. See story on February sales preview.
