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Most major department-store chains have been strugglinb to attract parsimonious shoppers while not giviny away the store through deep a strategy that erodesprofiyt margins. But recent reports regarding risinbg manufacturing activity and home sales gave a lift to retaill stocks earlier inthe week, based on hopes that consumerw may be encouraged to go out and splurgde on a few summer Total May retail sales were projected to drop by 3.6 according to Retail Metrics, a Massachusetta firm that tracks stord sales. This compares with a 2.7 percen t decline in April. Departmenr stores were forecast to post theweakesgt results, down 8.
5 percent, with “discretionar spending still in hiding,” according to its monthly • on Thursday reported that its May same-stor sales fell 6.1 percent from the same month a year ago. Total at $4.56 billion, were down 2.3 percenft from May 2008. "Sales for the month of May were somewhagt belowour expectations," Target Chairman, President and CEO Gregt Steinhafel said in a statement. Target (NYSE: TGT) has consistently posted monthly same-store salezs declines during the recession, as consumers have pulled back their spendingon clothes, home furnishings and some of the otheer discretionary items that had boosted the company’w sales during better times.
Aprik was a relative bright spot forthe company, with same-store salew climbing 0.3 percent. Same-store sales for the however, still were down 3.7 percent. • . said its comparabld store sales in May decreasedby 0.4 percent and total saled increased 4.1 percent, better than managemen had expected. The Menomonee Falls, Wis.-based retailer KSS) said Thursday sales for the four-week montg ending May 31 were $1.26 billion, comparexd with $1.21 billion in the same periodcof 2008. Year-to-date sales also are ahead of 2008at $4.9 compared with $4.8 billion in 2008, an increasre of 1.3 percent. Comparable store salex year-to-date decreased 3.
2 percent, Kohl’s “May’s sales results were stronger than saidKevin Mansell, Kohl’ws president and CEO. “Accessories was the strongest performing line of busines s forthe month. The Southwest region had a positive comparablse store sales increase for May and was again ourstrongesf region. The Southeast remains our mostchallenginyg region.” As of May 30, Kohl’d operated 1,022 stores in 49 states, compared with 957 stores in 47 states at the same time last • said same-store sales at stores open a year or more fell 7 percenr last month compared with a year Total net sales at the Issaquah, Wash.-based retailerd (NASDAQ: COST) fell to $5.
4 billion from $5.77 billion in 2008. Wall Street analystss were expecting a dropin same-store sales in May of 6 analyst Dan Geiman at McAdamsw Wright Ragen in Seattle expected an 8 percen drop. “The company continues to experience relative strength inthe food-relate categories, despite the increasing impacts of and general weakness in the more discretionaryy non-food categories,” Geiman wrote in a note to • . reported a 9.1 percent drop in same-store salew in May, as consumers continuee to put offunnecessary spending. The Cincinnati-based departmentf store chain said sales at stores open at least a year are in line withmanagement expectations. Total saless declined to $1.
7 billion from $1.9 billion a year ago, or 9.5 For the year, Macy’sz said its same-store sales declined by 9.1 with total sales down 9.5 to $6.9 billion from $7.7 billion. Macy’ (NYSE: M) has projected full-year profits of 40 centsw to 55 centsper share, excluding restructuring costs stemming from its companywider reorganization, part of its My Macy’s merchandisinv program. That said, Macy's hedged that it will beat this guidance if the economy improves in the second half of the Annual sales, it has are expected to decline by 6 percent to 8 percent, with sprinv expected to be weaker than the in part due to strongefr performances last spring.
Macy’s operates roughly 845 department stores under thenames Macy’s and Bloomingdale’s. • reportes same-store sales at stores open a year or morefell 13.1 percenf in May compared with a year earlier. Retail saless fell to $653 million for the montnh from $716 million in May 2008. The drop in same-store salea didn’t surprise analysts. Dan Geiman of McAdam Wright Ragen in Seattle expecterd a 13percent drop. Nordstrom, he said in a note to faced a difficultmonth “due in part to a shifrt in the timing of the Women’xs and Kids’ Half-Yearly Sale event into May a year ago from June the previous The event was also held in May again this year.
Based on our stores visits during the sale in Seattle and at the Mall of America traffic inthe women’s departments, includintg women’s shoes, was heavy on the first day of the and appeared steady on the initial weekend.” So far this total sales at the Seattle-based retaileer (NYSE: JWN) have fallen by 9 percenft compared with the firsty five months of 2008. • saw its same-store salezs fall 8.2 percent in May, the company said Plano, Texas-based Penney (NYSE: JCP) said the companyy performed slightly better than previous guidance had Earlier estimations anticipatedthe company’s salesw would drop 9 to 12 percenr this May compared with last May.
During the four-week period ending May 30, Penney recorded $1.254 billion in total sales. That is down 6.7 percentt from $1.344 billion in sales last Seventeen weeks into itsfiscalk year, Penney has recorded $5.138 billion in sales, whichh is down 6.1 percent from $5.472 billion last year. Looking forward, Penney expects a 9 to 12 percengt dropin same-store sales in July, whichh will be deeper than the 2.4 percent drop experiencex last year. • sales dropped 2.8 percent during May to $105.4 million, thouggh same-store sales inched up 0.2 percent. Storesx in the West, Texas and in the Ohio Valleyg led thesales performance, while Southeast storee had the weakest sales, Fla.
-based Stein Mart (NASDAQ: SMRT) The best performing categories in May were dresses and casual sportswear. The worst performin g categorieswere ladies’ career sportswear and gifts. Year to date Steimn Mart’s total sales were down 7.7 perceny to $424.9 million. As of May 30, the discounr department store operated 273 locationas around theUnited States, down from 284 during the same time last • , which operates Gap, Old Navy and Bananza Republic stores in Colorado, said that its comparable-store salezs were down 6 percent year over year in May, and net salesa were down 5 percent to $1.
03 Gap North American and Banana Republic were hit the hardes t in comparable-store sales -- going down 11 percenf and 14 percent, respectively. International salesw were down7 percent. Old Navy was the one Gap branfd that sawan increase. It was up 3 The rate of decline for theSan Francisco-basedx company (NYSE: GPS) slowed markedly when compares to last year. In May 2008, Gap's comparable-stor sales were down 14 To date, 2009 has seen Gap's net salee drop 7 percent, to $4.47 billion, for firsy 17 weeks. Comparable-store sales have also droppes 7 percent, compared with a 12 percenft droplast year.
• (NYSE: ANF) told investors Thursdat morning that salesat company-owned stores open at least a year during May droppef 28 percent. The New Albany, Ohio-based apparekl retailer said its double-digit percentage decline in same-storwe sales was led once again by itsRuehl chain, whicu markets to post-college adults. The 29-store chain saw a same-store salex decline of 33 percent the same montb the company told investors it is looking at strategicd options for thestruggling nameplate. Abercrombie’es Hollister Co. chain wasn’t far behind with a 32 perceny same-store sales decline. Total sales for Abercrombie fell 22 perceny last monthto $182.1 million from $233.
11 million a year ago. Abercrombie same-storer sales in the first four months of the fiscap year fell 29 percent as total sale s dropped 23 percentto $794.2 million. A year ago, the company notchedc $1.03 billion in sales through May. • continue d to slide in May, as the compan y reported Thursdaya same-store sales decline of 7 percent for the month. Overallp sales for the Pittsburgh-based teen clothin retailer decreasedfrom $200 milliohn for the same month last year to $195.
55 million this year, a 2 percent The describes its May sales as consisteng with its earnings expectations and reported that store traffic is American Eagle reaffirmed its second quarter earningsw guidance of 12 cents to 15 cents per compared to 29 cents last year. For the year so far, Americahn Eagle (NYSE: AEO) reported that sales have decrease dfrom $840.4 million in 2008 to $807.t5 million, a 4 percent decline. , owner of the Victoria’z Secret and Bath and Body Works reported a 7 percent declinein same-store sales. Columbus, Ohio-baseds Limited Brands (NYSE: LTD) saw total sales fall 6 percent last monthto $618.7 million from $661.
3 Same-store sales for Limited fell 7 percent in the first four with total sales off 10 percenyt at $2.34 billion. That compares with $2.599 billion last year. • reports an 8.2 percenty increase in sales for its third quarter endef May 30 fromlast year. The N.C.-based discount chain (NYSE: FDO) posted revenue of $1.8 4 billion, up from $1.7 billion in the same perioe in 2008. Sales at stores in operation for at leasr a yeargrew 6.2 percent. It operates 6,654 storesx in 44 states, The company says sales in consumables continued to be increasing 13 percent duringthe quarter.
Family Dollar expects third-quarter earningw at the upper end of its previoud guidance of 54 centws to 58 cents perdiluted share. In the same perior last year, it earned 46
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