Lehman Bros. analysts say they have revised their prediction of broadline and department-store sales to a 3% increase instead of the 3.4% rise they were forecasting. Wal-Mart's 2.2% expected increase, at the lower end of its 2% to 4% predicted rise, in part, dropped Lehman's outlook.
However, analysts expect a 2% to 4% boost by J.C. Penney instead of a previously expected 1% to 3% lift. Predictions for Target are also strong, with same-store sales estimated between 4% and 5%.
Trends highlighted by Lehman's broadline report include increasing online and gift card sales, heightened traffic closer to Christmas and dominance by discounters. The best-selling items were electronics, followed by women's shoes, handbags, premium denim and women's sportswear, the report says.
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