Wal-Mart Stores Inc. and Target Corp.
reported slower sales gains in October after a boost from federal
tax-credit checks wore off and warmer weather hurt demand for
fall clothing.
October sales at stores open at least a year rose 3.2
percent, about half of September’s 5.9 percent gain and little
changed from a year earlier, according to Michael Niemira, a New
York-based economist for Bank of Tokyo-Mitsubishi Ltd., who
tracks about 80 chains. Sales at Wal-Mart, the world’s No. 1
retailer, rose 4.5 percent, within its forecast, from a year ago.
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Shoppers curtailed spending on merchandise such as coats
after they spent tax-credit checks mailed in July and August and
concerns lingered about unemployment. Many retailers have trimmed
inventory so fall items could be sold in time to stock shelves
for the crucial holiday season that begins later this month.
Bloomberg News
