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Retail sales weak in June


Early retail sales reports show a dismal June as consumers cut back on purchases, especially of apparel, the Associated Press reported.

Limited Brands Inc. reported a 12 percent drop in same-store sales, worse than the 7.9 percent decline Thomson Reuters expected. Wet Seal Inc.’s same-store sales fell 11.1 percent, a bigger decrease than the 9.1 percent expected, and The Children’s Place Retail Stores Inc. posted a 12 percent decline compared with the 8.7 percent decline analysts predicted.

Meanwhile The Buckle Inc. continued its nearly two-year streak of same-store sales gains with a 9.6 percent rise in June. But the gains were less than the double-digit growth it has been experiencing.

Even discount retailer Costco Wholesale Corp. posted a 6 percent drop in June sales, with weakness in nonfood discretionary categories. However, sales of food products were strong. Target Corp. had a 6.2 percent decline in same-store sales.

The world’s largest retailer, Wal-Mart Stores Inc., no longer reports same-store sales each month.

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