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Discounters Give Thanks for November

Target, Wal-Mart, others report solid monthly sales gains

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If Kmart's up and Ann Taylor's down, can worries about a gloomy Christmas be far behind? Kmart and its mass-merchandising discount cohorts all had positive November sales reports heading into the all-important December stretch run. Target Corp. (Minneapolis) led the charge with a 5.4 percent same-store sales increase. (Those figures, of course, include not only Target Stores but also Mervyn's discount stores and the department stores Dayton's, Hudson's and Marshall Field's). Wal-Mart (Bentonville, Ark.) was right behind with a 4.4 percent gain. Kmart (Troy, Mich.) was up 3.3 percent, Sears Roebuck (Hoffman Estates, Ill.) was up 2.8 percent (domestic sales only) and J.C. Penney (Plano, Texas) reported a 0.7 percent gain in its JCPenney stores.

At the same time, Ann Taylor Stores (New York) reported a 2.9 percent decrease for the month, and The Limited (Columbus, Ohio) and The Gap (San Francisco) had already reported a drop in sales.

“Unless you have a sign saying 50 percent off, you might as well not have opened the store in the morning,” said retail analyst Kurt Barnard (Barnard's Retail Trend Report).

It may not be a coincidence that on the same day Kmart, et al., announced their solid months, a U.S. Commerce Department report said Americans'personal income fell by 0.2 percent in October, the first decline in nearly two years. Just a week into the holiday shopping season, retailers are already noting a drop in consumer spending and a reluctance to pay full price.

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