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February retail sales mixed

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Though retailers reported mixed February sales results, many beat low forecasts, giving them a little reprieve after one of the weakest January performances in nearly four decades, the Associated Press reported. According to Thomson Financial figures, 16 retailers beat forecasts, nine fell short of expectations and one met projections.

Wal-Mart Stores Inc. was among the biggest winners, with a 2.6 percent gain in same-store sales, compared with analysts’ expectations of a 1.1 percent gain. The world’s largest retailer has been aggressively slashing prices to appeal to consumers who are cutting back on expenses.

Fellow discount retailer Target Corp. had a 0.5 percent rise in same-store sales, ahead of analysts’ forecast of a 0.2 percent decline. J.C. Penney Co. Inc.’s same-store sales rose 1.5 percent, far ahead of the 2.2 percent decline forecast, and Saks Inc.’s sales jumped 3.4 percent, ahead of analysts’ prediction that sales would remain unchanged from the year-ago period.

Limited Brands Inc. struggled with a 9 percent decline in same-store sales, while Gap Inc.’s sales fell 6 percent and Wet Seal Inc.’s sales plummeted 8.2 percent.

February is when most retailers get rid of winter merchandise and prepare for spring, making it the least important month. The big test will come in March and April, when retailers look to move spring apparel.