Target, Wal-Mart Report Better-Than-Expected July Sales.

Byline: Scott Carlson

Aug. 8--Minneapolis-based Target stores and discount rival Wal-Mart were among scores of U.S. retailers that reported better-than-expected July sales on Thursday, most crediting the results to warm weather and strong summer clearance sales. Meanwhile, Richfield-based Best Buy and Wisconsin-based Kohl's Corp. were among several retailers that raised their latest quarterly earnings forecasts, another sign that the nation's economy may be on the rebound.

Best Buy, the nation's largest retailer of consumer electronics, raised its second-quarter earnings estimate to a new range of 37 to 42 cents per share, up from analysts' consensus estimate of 30 cents per share. That news pushed Best Buy's stock up 14.28 percent on Wall Street with the company's common shares closing up $5.81 per share to $46.49.

In a …