Quarterly results from Target, Saks beat Wall Street

Retailers Target Corp (TGT.N) and Saks Inc (SKS.N) posted better-than-expected quarterly results on Tuesday as they clamped down on expenses and inventory to offset falling sales, sending shares higher.

Target and Saks have seen sales fall during the recession as shoppers across the income spectrum avoid splurging, not just on the full-priced designer shoes and apparel found at Saks, but also on the discount designer goods sold at Target.

Instead, consumers appear to favor bargain hunting in the aisles of T.J. Maxx and Marshalls. TJX Cos Inc (TJX.N), which runs the off-priced chains, reported a 4 percent rise in quarterly sales, citing "extraordinary increases" in customer traffic.

Read Full Article from Reuters

- Posted: 2009-08-18 10:58:55

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