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Discount results a mixed bag as Target, Costco fall short and TJX outperforms
New York City -- Discounters reported mixed results for December sales, with many, including Target Corp. and Costco Wholesale Corp., posting gains that fell below analysts’ expectations.
Target Corp. said its same-store sales edged up 0.9%, well short of analyst expectations for a 4% increase. The chain said weaknesses in electronics, toys and some home categories offset strength in grocery and apparel items.
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Macy’s and Kohl’s miss mark in December; Nordstrom shines
New York City -- On the heels of a strong November, some department store retailers reported surprisingly weak December revenue. Results were impacted by a blizzard in the Northeast, which took a bite out of sales after Christmas.
The results raised some worries that the holiday season might be less stellar than some had hoped. Still, much of Wall Street still predicts that November and December spending will show the largest annual increase since 2006.