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.
