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MILWAUKEE (AP) - Higher gasoline prices and a slow housing market may be weighing on the economy, but retailers don't seem to be worried.
They say people aren't letting economic concerns get in the way of their shopping, and to prove it, J.C. Penney Co., Kohl's Corp. and Nordstrom Inc. posted strong first-quarter profits Thursday and raised their annual outlook.
J.C. Penney posted a 13 percent increase in profits, while Nordstrom's grew 19 percent and Kohl's rose nearly 25 percent for the three months ended May 5. All three companies' profits beat analyst expectations.
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