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Target, Costco and BJ’s beat Street


New York City Target Corp. said Thursday that same-store sales fell 2.9% in August, as the discounter benefits from improved merchandise assortments and its emphasis on low prices. Analysts had predicted a decline of 5.1%.

Another discounter, Fred's, said Thursday its sales at stores open at least a year fell 1.4% in August, worse than analysts had predicted.

Costco Wholesale Corp. said its August same-store sales slipped 2%, but its results beat Wall Street expectations of a 5.7% decline. Excluding lower gas prices and the stronger dollar, results actually rose.

Costco said food was a best seller, and that it had a slight improvement in non-food categories such as sporting goods, toys, seasonal and hardware.

BJ's Wholesale Club said its same-store sales dropped 6% in August, driven by a sharp decline in gasoline sales as gas prices and volumes weakened. Analysts had expected a decline of 8%.

The retailer said tumbling gasoline sales significantly outweighed climbing sales figures in a number of departments, including food, air conditioners, candy, cigarettes, computer equipment and housewares.

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