Forecast-busting profit from US retailers

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The Independent Online

Some of the most powerful names in US retailing posted improved quarterly results, raising hopes that they can keep profiting even if consumer spending remains subdued.

Budget store groups Target and TJX, which trades as TJ Maxx, saw gains of 18 per cent and 47 per cent in their earnings in the third quarter, and Saks, the high-end retailer, reported a surprise profit. All three said they were planning cautiously for Christmas.