February Sales Good; 'Rolling Recessions' May Trouble Retailers

Beginning of article

Some of the nation's major retailers Thursday reported good February sales gains, indicating that a sluggish economy hasn't discouraged consumer spending.

But retailers could have a tough time this year coping with the effects of what have been dubbed ``rolling recessions,'' which are rippling through parts of the economy. The automobile industry and other areas in the manufacturing sector have been battered by such downturns.

Most of the general merchandise chains, discounters and department stores reporting Thursday posted unexpectedly buoyant sales growth, said Jeffrey Feiner of Merrill Lynch & Co. Inc.

``But we remain cautious given the …