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Costco, BJs and Target beat expectations
New York City -- BJ’s Wholesale Club, Costco and Target all beat Wall Street expectations in August, helped by consumers seeking out emergency supplies and clean-up items as they prepared for and then dealt with Hurricane Irene.
BJ's Wholesale Club’s same-store sales jumped 11.5% in August, beating analysts' predictions for a 7.8% increase. The retailer said that gasoline sales contributed about 3.6 percentage points to the increase, and hurricane-related sales contributed another 2.5 to 3 percentage points.
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Irene hits department stores in August; Macy’s still beats Street, Kohl’s and J.C. Penney fall short
New York City -- Macy’s reported that its same-store sales rose 5% in August, beating estimates. The retailer said sales would have been higher by 1.5% points without the impact of Hurricane Irene. Industry analysts had warned that the storm would impact department stores and specialty retailers the most as consumers focused on buying generators and other emergency and recovery items versus back-to-school and discretionary products.