Early reports: March sales fall, but less sharply

[April 09, 2009]  NEW YORK (AP) -- Retailers say sales fell in March as shoppers continue to shop cautiously and spend mainly on necessities such as food.

But similar to February, the declines are more moderate than in previous months.

Warehouse operator Costco Wholesale Corp. says same-store sales fell more than analysts expected. But the figure rose after adjusting for plunging gas prices and the stronger dollar. Food purchases helped results.

Teen retailers The Buckle Inc. and Hot Topic Inc. both reported higher results than analysts predicted. Hot Topic boosted its earnings guidance.

Mall-based chains Wet Seal Inc. and Stage Stores are struggling with sales slumps.

Same-store sales are sales at stores open at least a year and are a key measure of a retailer's health.

[Associated Press]

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