Retailers are pushing higher on the tried and true platform of ongoing declines in absolute performance and declining same-store sales, yet on the face of yet another round of beating analysts’ low expectations, who will likely use today’s data to unleash a torrent of upgrades based on optimistic expectations. The question of who is actually doing the buying, as consumers are once again saving more instead of spending, with yesterday’s disclosed drop in consumer lending by a greater than expected $12 billion in August, is irrelevant. Also, keep in mind Return to Tiffany Heart tag ring 2008 is when the shit hit the fan, and the second half of September was a writeoff for most retailers.
Detail by retailer provided below:
Costco: SSS up 1% compared to expectations of -0.7%. September sales up 2.7% to $6.85 billion compared to $6.67 billion in September 2008
Gap: SSS -1.0% compared to expectations of -0.4%. September sales down 0.7% to $1.33 billion compared with $1.34 billion in September 2008. Gap Sales were down 8%, Banana Republic sales were down 12%, Old Navy sales were up 13%, and International sales were down 4%.
J.C. Penney’s: SSS -1.4% compared to expectations of -3.5%. September sales were down 0.6% to $1.44 billion compared to $1.45 billion in September 2008. Jewelry continued to experience weak sales.
Kohl’s: SSS up 5.5% compared to expectations of up 0.1%. September sales were up 9.6% to $1.46 billion compared to $1.34 billion in September 2008.
Limited’s: SSS up 1.0% compared to expectations of -2.4%. September sales were down 2.8% to $0.65 Heart tag charm Toggle bracelet compared to $0.67 billion in September 2008. Victoria’s Secret sales were down 1%.
Nordstrom’s: SSS -2.4% compared to expectations of down 6.0%. September sales were up 0.3% to $0.72 billion compared to $0.72 billion in September 2008.
Target’s: SSS -1.7% compared to expectations of down 2.0%. Total sales for September 2009 were up 1.4% to $5.39 billion compared with $5.32 billion in September 2008.
TJX’s: SSS up 7.0% compared to expectations of up 4.1%. Total sales for September 2009 were up 9.3% to $2.00 billion compared to $1.83 billion in September 2008.
Summary Of Same-Store Sales Data
Retailers are pushing higher on the tried and true platform of ongoing declines in absolute performance and declining same-store sales, yet on the face of yet another round of beating analysts’ low expectations, who will likely use today’s data to unleash a torrent of upgrades based on optimistic expectations. The question of who is actually doing the buying, as consumers are once again saving more instead of spending, with yesterday’s disclosed drop in consumer lending by a greater than expected $12 billion in August, is irrelevant. Also, keep in mind Return to Tiffany Heart tag ring 2008 is when the shit hit the fan, and the second half of September was a writeoff for most retailers.
Detail by retailer provided below:
Costco: SSS up 1% compared to expectations of -0.7%. September sales up 2.7% to $6.85 billion compared to $6.67 billion in September 2008
Gap: SSS -1.0% compared to expectations of -0.4%. September sales down 0.7% to $1.33 billion compared with $1.34 billion in September 2008. Gap Sales were down 8%, Banana Republic sales were down 12%, Old Navy sales were up 13%, and International sales were down 4%.
J.C. Penney’s: SSS -1.4% compared to expectations of -3.5%. September sales were down 0.6% to $1.44 billion compared to $1.45 billion in September 2008. Jewelry continued to experience weak sales.
Kohl’s: SSS up 5.5% compared to expectations of up 0.1%. September sales were up 9.6% to $1.46 billion compared to $1.34 billion in September 2008.
Limited’s: SSS up 1.0% compared to expectations of -2.4%. September sales were down 2.8% to $0.65 Heart tag charm Toggle bracelet compared to $0.67 billion in September 2008. Victoria’s Secret sales were down 1%.
Nordstrom’s: SSS -2.4% compared to expectations of down 6.0%. September sales were up 0.3% to $0.72 billion compared to $0.72 billion in September 2008.
Target’s: SSS -1.7% compared to expectations of down 2.0%. Total sales for September 2009 were up 1.4% to $5.39 billion compared with $5.32 billion in September 2008.
TJX’s: SSS up 7.0% compared to expectations of up 4.1%. Total sales for September 2009 were up 9.3% to $2.00 billion compared to $1.83 billion in September 2008.