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February retail sales up 1.1%
WASHINGTON — The Department of Commerce reported that retail sales for the month of February rose by 1.1% seasonally adjusted month to month.
The newly released figures include nongeneral merchandise categories, such as automobiles, gas stations and restaurants; excluding those, sales rose 0.7%, while rising 0.5% unadjusted year over year. The National Retail Federation noted that sales beat estimates as consumers adapted and adjusted spending in response to higher gas prices and the payroll tax increase.
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Express Q4 profit tops Street; outlook weak
Columbus, Ohio -- Express said its fourth-quarter net income rose a better-than-expected 6%, but its full-year projection for earnings came up short as the retailer provided a weak outlook.
Express, similar to many other retailers, had less traffic in February, as higher taxes and rising gas prices cut into shoppers’ discretionary spending.
For the period ended Feb. 2, Express Inc. earned $63.9 million, up from $60.4 million a year earlier.