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Sector Update: Consumer Stocks Rise in Afternoon Trading

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Consumer stocks were higher Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.7%.

Redbook US same-store sales rose by 9% from a year earlier in the week ended May 23 after an 8.1% year-over-year increase in the previous week. "Demand for a wide variety of summer, home and garden, and seasonal apparel products was the main focus for most consumers," Redbook said.

In corporate news, Abercrombie & Fitch's (ANF) fiscal Q1 earnings topped Wall Street's projections amid record sales for the apparel retailer. Its shares climbed 12.7%.

Bath & Body Works' (BBWI) fiscal Q1 results exceeded market estimates, while the personal care and home fragrance retailer said its chief financial officer plans to step down. Its shares jumped past 10%.

Manchester United (MANU) on Wednesday raised its full-year top-line outlook as the UK soccer club posted double-digit growth in fiscal Q3 revenue year over year, helping it swing to earnings. Manchester United shares surged 15%.

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