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U.S. retailers report strong sales in March

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After disappointing sales during unusually cold weather in the first two months of the year, retailers recorded better-than-expected sales in March, aided by warmer weather and an early Easter, the Associated Press reported. Of the retailers reporting sales so far, 23 beat estimates, while seven missed projections, according to Thomson Financial.

Wal-Mart Stores Inc. led the way with a 4 percent gain in same-store sales, beating analysts’ 1.6 percent estimate. However, Tom Schoewe, the company’s chief financial officer, warned in a statement, “while the earnings guidance is still attainable, given the tough sales environment for the April period, it will be a challenge.”

Costco Wholesale Corp. reported a 6 percent same-store sales gain, J.C. Penney Co. Inc. had a 10.6 percent increase in same-store sales and Nordstrom Inc. posted a 15 percent rise. Target Corp.’s same-store sales rose 12 percent last month, while teen retailer Pacific Sunware of California Inc. had a 14.1 percent sales gain.

The outlook for upcoming months is uncertain due to rising gasoline prices and the possibility of higher interest rates.