Retailers Slump As July Sales Disappoints

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Disappointing July same-store sales by retailers dragged down the retail sector today. Although results of some retailers were impressive, most of the retailing firms failed to meet the expectations. Wet Seal Inc
WTSLA
was on the downtrend and lost nearly 2% after it said that its second-quarter profit may come in at the low end of its previous forecast. The company’s July sales had declined more than expected. At 1:51 pm, WTSLA lost 1.20%. Costco Wholesale
COST
fell 1.77% even though its sales rose 6%, reflecting better than expected gains. COST’s sales were aided by higher gas prices and favorable currency exchange rate. Retailer Big Lots
BIG
has slipped 7.08% to $32.01 as its sales for the second quarter missed its original forecast. Hot Topic Inc
HOTT
has also given up 4.37% after it forecast a huge loss on a 9% decline in sales. Analysts had expected 2.6% fall in sales. Another loser in the retail sector is Buckle Inc
BKE
, which shed 3.90% after it reported a 9% fall in its July sales, as compared to a 1% decline expected by analysts. Read more
from Benzinga's Markets.
Posted In: NewsShort IdeasIntraday UpdateMarketsMoversTrading IdeasApparel RetailConsumer DiscretionaryConsumer StaplesGeneral Merchandise StoresHypermarkets & Super Centersretailers
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