NEW YORK, Oct 8 (Reuters) - U.S. discounters like Wal-Mart Stores Inc and
warehouse clubs performed well in September, while apparel retailers struggled
as the economic slowdown prompted cash-strapped shoppers to be more thrifty,
according to sales data released on Wednesday.
For months, consumers have sought deals for staples such as food and
fuel, as they battled higher prices, a housing market slump, job losses and a
credit crunch.
Many balked even more at spending in September as a financial crisis
deepened, with several big U.S. financial firms failing or accepting shotgun
buyouts.
Shoppers headed to discounters like Wal-Mart and warehouse clubs such as
Costco Wholesale Corp to stock up on necessities during the month, though sales
at both were slightly below expectations.
Wal-Mart posted a 2.4 percent increase in September sales at stores open
at least one year. Analysts expected a 2.5 percent increase, according to
Thomson Reuters Estimates.
Wal-Mart, the world's largest retailer, stood by its third-quarter profit
forecast calling for earnings of 73 cents to 76 cents per share from continuing
operations.
Wal-Mart stock rose 1.8 percent in premarket trading.
Same-store sales jumped 7 percent at Costco Wholesale Corp News Limited 2007. All rights reserved.
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