Consumers with stimulus checks bought warm-weather items in June, pushing sales higher than expected for many retailers.

Overall, the industry reported a gain of 4% in sales at stores open at least a year, the biggest monthly same-store gain since March 2007, according to Retail Metrics, a Massachusetts research firm. But retail stocks didn’t react with joy Thursday, suggesting that investors don’t expect the good news to continue.

“Investors may be looking at this month as it’s as good as it’s going to get,” said Keri Spanbauer, senior equity analyst with Thrivent Investment Management in Appleton.

Part of the increase in sales was driven by hot weather that prompted consumers to buy shorts and swimsuits, and some of the spending was paid with stimulus checks, Spanbauer noted.

“You can’t count on that continuing,” she said.