Retailers posted sluggish sales results in July, due to weak back-to-school shopping season. Customers refrained from solid spending amid higher food and gas prices, subprime concerns and weakening housing market. Apparel retailers Pacific Sunwear of California and Wet Seal stood out as the most notable losers. Wal-Mart Stores posted higher-than-forecast sales but warned that its increased discounting is hurting profit margins. Sales released by J.C. Penney and Costco Wholesale beat views.
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