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October sales generally up, but short of estimates
NEW YORK — 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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Target still driving sales, despite leadership uncertainty
MINNEAPOLIS — Target reported October sales growth that fell short of analysts expectations, while uncertainty remains following the recent departure of the company's CFO.
Target reported that its net retail sales for the four weeks ended Oct. 29 were $4.8 billion, an increase of 4.3% from $4.6 billion for the four weeks ended Oct. 30, 2010. On this same basis, comparable-store sales increased 3.3% in October and 4.3% in the third quarter.