Last Week’s Sales Less Than Expected
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Sales at U.S. retailers such as Target Corp. were less than expected last week as shoppers watched their wallets in what analysts expect will be a lackluster holiday season.
Sales at stores open at least a year gained 1.9% from the previous week, when they fell after snow and ice storms kept shoppers from malls, Bank of Tokyo-Mitsubishi Ltd. and UBS Warburg said in a report. Same-store sales in the week ended Saturday rose 4.5% from the year-ago period.
Target, Wal-Mart Stores Inc. and Federated Department Stores Inc. are among retailers whose sales were at the low end or below the companies’ estimates. Sales at Target, the No. 2 U.S. discount chain behind Wal-Mart, are “well below” expectations, the company said.
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