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Retailers reported solid sales gains for December, but discounts got customers to spend
NEW YORK (AP) ' Many retailers are reporting solid sales gains for December, capping a decent holiday season.
But merchants relied on heavy discounting to get shoppers to buy in a challenging economy, raising concern about what it will take to get them to spend again in coming months.
As retailers reported their results Thursday, Limited Brands Inc., Macy's Inc. and teen retailer The Buckle posted strong revenue gains that beat analysts' estimates.
Among the laggards were Target Corp., which cut its earnings outlook after slim sales gain that was below expectations.
The revenue figures are based on revenue at stores opened at least a year. That is considered a key indicator of a retailer's health because it excludes results from stores recently opened or closed.