h digitalfootprint web 728x90

Discount retailers’ sales up

/wp-content/uploads/2022/11/BR_web_311x311.jpeg

Shoppers seem to be turning to discount and wholesale retailers to buy basic items and cutting back on clothing and other discretionary purchases, according to retailers’ March sales figures, the Associated Press reported.

Wal-Mart Stores Inc. reported a 0.7 percent increase in same-store sales, with food and consumables and electronics selling well. It raised its first-quarter earnings outlook because of better inventory controls, which led to fewer markdowns and reduced store theft. Costco Wholesale Corp. had a 7 percent increase in sales.

Meanwhile, Limited Brands Inc. and Pacific Sunwear of California Inc., both reported 8 percent drops in same-store sales. Wet Seal Inc.’s sales plummeted 10.8 percent.