Major Retailers Divulge Year End Results

* At Wal-Mart, same-store sales for December rose a modest 2.3%: Wal-Mart units being up 3.3%, countered by a decline of 2.3% percent at Sam's Club stores.

* Target Corporation today reported that its net retail sales for the five weeks ended January 4, 2003 increased 7.6% to $7.035 billion from $6.540 billion for the five-week period ended January 5, 2002. Comparable-store sales decreased 0.3 percent from fiscal December 2001. "Sales in December were below plan at each of our divisions," said Bob Ulrich, chairman and ceo of Target Corporation. "For the fourth quarter, we expect the impact of this sales shortfall on earnings to be at least partially offset by continued strength in our gross margin rate performance and substantial growth in contribution from our credit card operations."

* J.C. Penney reported an increase of 4.7% in December same-store sales, but only a 0.3% gain for its Eckerd drug chain.

* Sears' same-store sales in December dropped 4.6%, its 16th straight month of declines. Total sales for the period fell 2.6% to $4.1 billion.

* Kohl's December same-store sales showed a less-than-anticipated 3.3% rise; total sales climbed 19.4% to $1.63 billion.

* Costco beat estimates with a 3% increase in December same-store sales; total sales were up 7% to $4.58 billion.

* BJ's same-store sales were up by 0.8%, beating estimates of a 0.8% decline. Total December sales for the chain rose 11% to $689.4 million. President and ceo Mike Wedge said, "Sales results for December reflect a continued soft sales trend, a very promotional retail environment and an unfavorable mix of sales in both food and general merchandise categories. Additionally, BJ's became more aggressive on pricing during the fourth quarter, particularly in certain food categories."