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Heavy discounting cuts into holiday profits
New York -- Retailers across the board, from Victoria’s Secret parent L Brands Inc. and American Eagle Outfitters to Family Dollar Stores and Bed, Bath & Beyond, cut their fourth-quarter earnings forecasts on Thursday as heavy promotions and discounts cut into profits. Results were also impacted by multiple snowstorms, a shortened shopping season and cautious consumers.
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Costco's sales and comps climb in December
Costco’s sales increased by 6% in the month of December and the first few days of January compared with December 2012.
The Issaquah, Wash.-based company reported sales of $11.53 billion during the five weeks that ended Sunday, compared with $10.87 billion during the same period last year. Comps increased by 5% at the company's U.S. stores.
For the 18 weeks that ended Sunday, sales were $38.33 billion, a 6% increase over the $36.26 billion in sales the company had the year before. Comps in the United States increased by 4%.