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Apparel Chains Report Grim Sales

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The Associated Press

Published: October 10, 2008

NEW YORK - September's dismal sales results from mall-based apparel chains, released Thursday, offered more fresh evidence that U.S. consumers, spooked by the financial meltdown, shut their wallets tight last month.

The reports fueled more worries about holiday shopping, which was expected to be bleak. As results trickled in Thursday, even discounter TJX Cos. was not immune from economic woes.

Others such as Fort Myers-based Chico's FAS Inc., which had been mired in a sales slump for months, fared far worse.The reports came a day after many major retailers, including Wal-Mart Stores, the world's largest retailer, Target. and department stores such as J.C. Penney and Saks, reported September's results. Wal-Mart was among the few winners, posting a modest sales gain, but even its results were a bit below analysts' estimates, indicating that shoppers are sticking to bare-bone necessities.

Chico's had a 15.6 percent decline in same-store sales, worse than the 13.0 percent drop projected. Chico's also withdrew its earnings outlook for the second half of the year.

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