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Retailers report modest gains

Thursday, July 10, 2003 | 11:35 a.m.

NEW YORK -- The arrival of warm weather at the end of June helped drive sales of air conditioners and bathing suits, but it came too late to lift overall monthly sales at the nation's retailers, which reported only modest gains today.

Unusually wet weather in some regions, particularly the Northeast, added to the problems for retailers, which continue to struggle with a weak economy. As a result, stores heavily discounted slow-moving goods to fuel sales, a move expected to take a toll on second-quarter profits.

Wal-Mart Stores Inc., the world's largest retailer, reported a small sales gain that was a bit below analysts' forecasts. Department stores and clothiers continued to struggle.

But there were some bright spots. Gap Inc. again impressed Wall Street with double-digit gains, besting analysts' projections as it digs out from more than two years of disappointments. Swank Neiman Marcus Group Inc. also reported double-digit increases at stores opened at least a year, which well exceeded analysts' estimates.

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