Holiday discounts crimp retailers’ profits
Shopping » Despite sales uptick, some retailers cut earnings forecasts.
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Penney reported a slim 0.3 percent increase in revenue at stores open at least a year. It noted better trends in its stores during the week leading up to Christmas and increases in traffic and orders on its website during the week after Thanksgiving and the week before Christmas.
Among specialty retailers, Limited, the parent of Victoria’s Secret and Bath and Body Works, had stellar results. Revenue at stores open at least a year rose 7 percent in December.
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