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Retailers report disappointing sales in February

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Cold weather across much of the country kept consumers from purchasing lightweight apparel, resulting in disappointing sales for retailers, reported the Associated Press.

Of the 35 merchants that have reported February same-store sales, 10 beat estimates, 24 fell short and one met expectations, according to Thomson Financial. Same-store sales are sales at stores open at least a year, which is considered a good measure of a retailer’s health.

Wal-Mart Stores Inc., Costco Wholesale Corp. and Limited Brands Inc. were among those with disappointing results, while high-end departments stores continued to post strong gains. Wal-Mart reported a 0.9 percent gain in same-store sales, below analysts’ 1.5 percent estimate, mainly as a result of weakness in its home and apparel business.

Meanwhile Nordstrom Inc. reported a 9.1 percent increase in same-store sales last month, beating analysts’ 5.7 percent estimate, and Saks Inc.’s same-store sales rose 24.7 percent, far above analysts’ expectations of a 6.4 percent increase.

In addition to cold weather, retailers are concerned that the housing slump and last week’s stock market fall will cause consumers to spend more conservatively in upcoming months.