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The news: Target's same-store sales fell 1.2 percent in July, more than analysts and the retailer itself had expected.

What was strong: Health care, food, women's clothes, fitness apparel, intimates and electronics such as Nintendo Wii systems, video game accessories and TVs.

What wasn't: Jewelry, shoes, men's clothes, housewares and furniture.

Looking ahead: The retailer anticipates a 1 percent to 3 percent decline in sales in August. Last year, the retailer posted a gain of 6 percent.