By  on August 7, 2008

Retailers in July clearly felt the impact of the economic downturn, raising concerns over this month as stores get serious about back-to-school and fall selling.

Wal-Mart Stores Inc. set the tone, missing analysts’ estimates with a 3 percent same-store sales gain in its U.S. discount stores in July and tempering expectations for August with a projection of a 1 to 2 percent gain in the critical retail metric.

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