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Feb. Retailers' Sales Slow Down Sharply Due To Cold Temps; 60% Of Stores Below Views; Chico's and Abercrombie among big apparel losers; department stores deliver.(A)
Byline: MARILYN MUCH
February sales cooled from last month's heated pace as a shift to cold, stormy weather kept spring apparel on the racks.
Overall same-store sales rose 3.1% vs. a year earlier, down sharply from January's 4.9% gain, says Ken Perkins, president of researcher Retail Metrics. Most retailers reported Thursday.
Investors sold off retail stocks, with some big losers, especially in apparel.
Fully 60% of the chains tracked by Retail Metrics' index missed views, the first time since last July that most fell short of estimates.
That was big shift from January, 74% of retailers beat views. Unusually warm weather lured shoppers to snap up early spring clothes at full price.
"The sales in January were so robust, some sales could have been pulled from February," Perkins said.
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