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Retailers report solid January sales despite winter deluge
New York City -- Many retailers surprised with solid January revenue reporting on Thursday, despite snowstorms that raged across the country during the month.
The reports, many of which surpassed Wall Street expectations, offer encouragement that strength in consumer spending is continuing after a merry holiday season.
Costco Wholesale Corp, Victoria's Secret parent Limited Brands and teen retailer Wet Seal were among those that beat analyst expectations. Target, however, lagged, behind.
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Big Lots quarterly comps flat
COLUMBUS, Ohio -- Big Lots announced that fourth quarter retail sales for the fiscal quarter ended Jan. 29 were $1.5 billion, an increase of 3.8% compared with $1.451.5 million for the fourth quarter of fiscal 2009.
Comparable-store sales were flat for the fourth quarter of fiscal 2010, which is consistent with the low end of the company's previously communicated guidance of flat to an increase of 2%.
From a merchandising perspective, furniture, home, and seasonal were the best performing categories, the company reported.