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Discounters show strength in February; Target sales up 7%
New York -- In a month that was solid overall, the discount sector showed its muscle, turning in a strong February same-store sales performance nearly across the board.
After suggesting last week that sales had accelerated and returned to a pre-holiday pace, Target Corp. reported Thursday that same-store sales for the month rose 7%, beating Wall Street’s expected 5.2%. Total sales during the period rose 8% to $5.13 billion, boosted by strength in the food, healthcare and beauty categories. Accessories and apparel performed above average as well.
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Consumer confidence up dramatically in February
New York City -- Consumer confidence in February shot up from last month to the highest level since a year ago, according to The Conference Board. The group’s Consumer Confidence Index now stands at 70.8, up from a revised 61.5 in January, buoyed by consumers' more positive assessment of the job market.