Many retailers report solid sales gains
NEW YORK (AP) — Many retailers are reporting solid sales gains for December, capping a decent holiday season, but shoppers bent on discounts exacted a high price.
Merchants had to mark down coats and other gifts to get shoppers to buy in a challenging economy. That resulted in a string of retailers, including Target Corp., Children’s Place Retail Stores Inc. and Destination Maternity, reducing their earnings outlooks.
The heavy discounting is also raising concern about what it will take to get shoppers to spend again in coming months.