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Thursday, July 10, 2008

Target, Wal-Mart June sales pick up - Atlanta Business Chronicle:

Target Corp. same-store sales were up 0.4 percent in June, the retailer announced Thursday, beating the company's predicted estimates.

Analysts surveyed by Thomson Financial had expected same-store sales would fall 0.5 percent.

"Our comparable store sales performance in June was slightly above our planned range," Target CEO Gregg Steinhafel said in a statement. The company was predicting same-store sales for June would be in a range of flat to down 2 percent.

Same-store sales, or sales at stores open at least a year, are a key measure of retailer performance.

Rival, Bentonville, Ark.-based Wal-Mart Stores Inc. (NYSE: WMT) recorded a 5.8 percent gain in same-store sales, citing economic stimulus checks as a booster of customer traffic. Analysts polled by Thomson Financial expected an increase of 3.8 percent.

Target, Wal-Mart June sales pick up - Atlanta Business Chronicle:
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