Retailers see healthy gains in June

Consumers who were enticed by warmer weather and deep discounts of up to 80 percent on summer merchandise went on a buying binge in June, helping many retailers deliver the most robust revenue gains for that month since 1999.

Overall, revenue at major retailers rose 6.9 percent for June, according to the International Council of Shopping Centers' tally of 28 retailers' results. Excluding gas sales, the figure rose 5.5 percent.

"Promotions were the clear driver this month, and consumers took advantage of some outstanding deals," said Ken Perkins, president of research firm RetailMetrics. "But that leaves a big question mark for July and the back-to-school season.

The June gains were lopsided, with discounters and luxury brands benefiting the most and results for merchants serving the low- and middle-income shoppers lagging.

Target Corp. and Costco Wholesale Corp. were among the companies that posted June results that beat Wall Street estimates. -- AP