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October sales generally up, but short of estimates; Buckle leads apparel
New York City -- Consumer spending slowed in October, sending a note of caution as retailers head into the holiday season. Eleven retailers missed expectations for same-store sales, while three chains beat estimates, according to a preliminary tally by Thomson Reuters. However, while the October results were not as promising as some retailers had hoped, sales for the most part rose and most chains reported results that were only slightly off from analysts’ estimates. Some analysts blamed Wall Street for underestimating how much caution is still out there.
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Kohl’s tops Street, JCPenney misses
NEW YORK — Kohl's Corp. reported a 3.9% rise in same-store sales in October, better than analysts’ expectations, amid strong demand for its new Jennifer Lopez and Mark Anthony brands.
In a statement, CEO Kevin Mansell said that customers responded favorably to the pair of new brands, as well as the company's marketing programs.
“As we enter the important fourth quarter, we plan to continue our investment in marketing, especially digital and broadcast, to drive customer traffic and broaden our reach,” he said.