Sector snap: Discount stores
Discount stores reported better-than-expected February sales figures on Thursday, as consumers continued to respond to low prices as they shopped for spring merchandise in the midst of winter storms.
Target Corp. said sales in stores open at least one year rose 2.4 percent, topping the 1 percent rise analysts forecast and its own prediction for flat to slightly higher sales. Shares rose $1.43, or 2.8 percent, to $53.11 in afternoon trading. Earlier the stock hit a new 52-week high of $53.25.
TJX Cos., which operates T.J. Maxx and Marshall's, said sales rose 10 percent, while analysts expected a 6.3 percent rise. Shares fell 16 cents to $41.
BJ's Wholesale Club Inc. said sales in stores open at least one year rose 7.5 percent. Analysts forecast a 6.3 percent rise. Shares fell 28 cents to $34.33.
Costco sales rose 9 percent. Analysts expected an increase of 8.5 percent. Shares rose 7 cents to $60.75.
Sales at stores open at least a year are a key measure of retailer performance because they measure growth at existing stores rather than from newly opened ones.
(This version CORRECTS analysts' estimate for Costco to 8.5 percent from 9.5 percent.)
Copyright 2010  AP News
