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Tax refunds boost retail sales

Thursday, March 4, 2004 | 9:38 a.m.

Wal-Mart Stores Inc., Gap Inc. and J.C. Penney Co. today said February sales increased more than expected as shoppers used federal tax refunds and bought spring clothing in warmer weather.

Wal-Mart's sales at U.S. stores open at least a year rose 6.2 percent from a year earlier. Same-store sales rose 12 percent, Gap said. J.C. Penney department-store sales surged 12 percent last month.

U.S. retailers' sales probably rose as much as 7 percent, the biggest gain since April 2000, according to New York-based International Council of Shopping Centers. Consumers used holiday gift cards and larger tax refunds to buy clothing and Valentine's Day gifts.

"A major factor is the tax refund running at a higher level than last year. That really is helping," said James Luke, who helps manage about $13 billion at BB&T Asset Management in Raleigh, North Carolina, including 900,000 Wal-Mart shares. "Give them money and they will spend it."

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