March 6, 2008
U.S. retailers reported less-than-stellar results for February as a slowing economy weighed on consumers. However, for several companies sales exceeded expectations, easing some of the gloom in the sector.
Wal-Mart posted a better-than-expected 2.6% increase in sales at its U.S. stores open at least a year, excluding fuel sales. Leading the way was "continued strength in the grocery, health and wellness and entertainment" segments, Wal-Mart said. The company forecast March sales at flat to up 2%.
Target, which has reported weak same-store sales of late, reported a 0.5% increase for February, slightly better than analysts expected. Limited Brands posted a 9% decline and AnnTaylor's same-store sales fell 1.7%, but both were expected to suffer deeper declines. Pacific Sunwear said its sales rose 6%, beating expectations. Wet Seal's 8.2% drop was worse than analysts had expected.
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