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December 2, 2008 9:49:37 AM CST

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Slow Jan. Sales Worry Retailers

Posted Feb 7, 08 8:46 AM CST in Business 

(Newser) – Winter storms and lagging gift-card redemption iced Wal-Mart’s January same-store sales growth, the retailer said, raising concerns the US is in a recession, reports the Wall Street Journal. Wal-Mart expected 2% sales growth in stores open more than a year, but saw sales bump just 0.5%. Its 1.4% rise in same-store sales for the fiscal year was the lowest in 30 years.

Other retailers also reported sluggish January sales, and the International Council of Shopping Centers said it’s possible same-store sales could decline for the first time since 1969, when it started tracking those figures. Thompson Financial said only one-third of retailers hit January sales projections. Costco posted a 7% gain, including a 19% gain internationally due to a weak dollar.

Source Wall Street Journal

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recession • Wal-Mart • retail sales • weak dollar • weakening economy • Costco • same-store sales • International Council of Shopping Centers


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