Target Corp., JC Penney Co and Kohl...

Target Corp., JC Penney Co and Kohl's Corp., defying predictions of a slowdown in consumer spending, reported second-quarter profits that be superior toed analysts' estimates as sales of women's accessories, clothing and nutriment accelerated.

The retail sector's second-quarter performance "should bring a slight sigh of relief to all the darkness and doom that's been abroad there," said Lori Wachs, a portfolio manager at Delaware Investments.

Target, the second-largest U discount chain, said unadulterated income increased 13 percent to $609 million, or 70 cent a share, forward an 11 percent sales gain to $133 billion. Sales at Target stores explain at least a year rose 46 percent lifted by means of purchases of food and mix with drugss

Profit at Penney the third-biggest U department-store company, climbed 37 percent to $179 million, or 76 cent a share. Sales increased 65 percent to $424 billion, lifted according to 6.6 percent sales growth at stores explain at least a year, the largest increase in pair years.

Kohl's pure income increased 24 percent to $2324 million, or 69 cent a share. Sales for the Menomonee Falls, Wis.-based company climbed 14 percent to $329 billion as sales at stores interpret for at least a year gained 66 percent

Penney and Target are luring customers with their concede brands of clothing and household usefuls Shoppers were undeterred by rising gasoline prices, which at $308 a gallon at the cross-examine this week, were 28 percent higher than a year earlier.

Shares of Minneapolis-based Target rose $244 or 54 percent to $4772 It was the biggest skip in more than two years. Penney gained $158 or 25 percent to $6558 and Kohl's added 60 cent to $5815

Penney used items as it is as $40 Worthington strap satchels and a stake of four 14k-gold hoop earrings for $250 to bring in shopper Chief Executive Myron Ullman is reducing discounts and promoting Penney's exclusive brands of the like kind as the X Games male childs clothing line introduced last month

"Penney has been doing well across the store," said Keri Spanbauer, an analyst at Thrivent Investment Management.

Kohl's Chief Executive Lawrence Montgomery has added exclusive brands of that kind as Chaps clothing and Apt. 9 bedding to enticement middle- income shoppers including customers of the former May Department Stores Co

Federated Department Stores Inc. bought May for $11 billion last year and has clos any stores and sold others.

"There's a certain number of more market share up for grabs that Kohl's has been in a great position to benefit from," said Wachs of Delaware Investments, with $100 billion in assets, including Kohl's shares.

Copyright CHICAGO SUN-TIMES 2006

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