Jobs are plentiful, wage growth is strong and consumers have more money saved
With summer travel season winding down and holiday gift-giving season ahead, consumers are shifting their spending to goods from services. So, this is a good time to buy retail stocks. Corporate insiders certainly agree. They’ve buying at several retail sector companies, including the three highlighted below.
Shoppers have increased spending at stores by a surprising amount. U.S. retail sales grew 0.7% in September compared to the month before, against an estimated 0.3% gain, the Commerce Department reported this week. Growth was strongest at miscellaneous retailers , auto dealers non-store retailers . “Early data about holiday travel indicates revenge travel may have run its course,” notes Ed Yardeni of Yardeni Research. Prices for holiday air travel and car rentals are down a lot compared to last year. Flights around Christmas are 12% cheaper than in 2022. Thanksgiving airfares are 14% lower and car rentals 17% lower than last year.
Retail stocks also look interesting because they have underperformed this year, notes Goldman Sachs chief U.S. equity strategist David Kostin. The company adds that it has improved its loyalty program. A new marketing campaign for PINK is being launched, and its September Victoria’s Secret World Tour ’23 may boost sales. As for insider support, finance chief Timothy Johnson bought $343,000 worth of stock recently at $17.16.Five Below FIVE, -0.58%, a Philadelphia-based specialty retailer, offers clothes and other goods mostly priced at $5 or lower — targeting the teen and tween markets.
Crocs sells casual footwear and accessories. Most of its footwear is made out of its proprietary Croslite material, which gets good reviews for comfort. Crocs has been making shoes since it rolled out its original clogs in 2002. It has expanded into sandals, wedges, flips, and slides. It also sells Jibbitz charms. It recently purchased Hey Dude, a shoe company.
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