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Comp Sales Surge At Target, Costco

3/01/2012 02:14:07 PM Eastern
New York - Target and Costco each reported a 7 percent spike in February comp-store sales, although CE contributed little to the gains.

Target said net retail sales rose 8 percent to $5.1 million, but it cited CE as the weakest performer within its hardlines category.

In a statement, Target chairman, president and CEO Gregg Steinhafel attributed the month's unexpectedly robust sales to "stronger-than-expected guest traffic combined with a solid increase in transaction size."

At Costco, February sales rose 10 percent to $7 billion, although chief financial officer Richard Galanti said CE sales for the month "fell just below flat."

Separately, Walmart CEO Mike Duke, in announcing an annual stock dividend of $1.59 per share, noted that "Our core Walmart U.S. business is back on track ... and Sam's Club continues to drive sales momentum."

The positive pronouncement and strong discount store sales suggest an economic recovery could be underway, CE notwithstanding.

 
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