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Highlights
Chain-store sales proved mixed in June pointing to steady but not robust non-auto retail sales in next week's retail trade report. Many retailers posted strong gains in the month, and many took the opportunity to raise profit estimates. But others, especially those that have been performing poorly, posted weak results, and likewise were lowering estimates. Some of those with sluggish reports blamed heavy Northeast weather in the week, including New England-based BJ's Wholesale Club that posted a 0.1 percent same-store decline. High-end retailers, such as Nordstrom and Nieman Marcus, posted strong numbers as usual but not spectacularly strong. Giant discounter Wal-Mart lagged, posting a same-store sales gain of only 1.2 percent. Note that low-end retailers have been complaining for months that high gas prices are cutting into their customers' discretionary income.
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