December Sets Stage For Solid 2010 For Retailers: Trade Group
January 07 2010 - 12:18PM
Dow Jones News
December's same-store sales were the best of 2009, allowing a
better-than-expected holiday season and serving as a first step
toward retail business snapping back solidly this year, a retail
trade group said.
The 2.8% year-over-year comparable-store increase posted by 32
retailers tracked by the International Council of Shopping Centers,
or ICSC, was their best monthly advance since April 2008.
While the trade group sees January sales coming in flat or up
1%, conditions will improve and 2010 will end up showing a 3% to
3.5% increase in comparable-store sales, the ICSC said. That would
be the best gain since a 4.8% rise for 2006.
The holiday season, which started at the beginning of November,
saw slow-going initially, but spending picked up to allow the
two-month season to post a comparable-store gain of 1.8%, better
than the ICSC's expectation for a 1% advance.
Retailers certainly are feeling better after weathering the
holidays, with estimates for the fourth quarter lifted by nearly
one quarter, or 7, of the 30 stores that reported comparable-store
sales on Thursday, said Thomson Reuters. The group includes Macy's
Inc. (M), Target Corp. (TGT), Limited Brands Inc. (LTD) and Kohl's
Corp. (KSS).
All told, 75% of the 30 retailers that reported same-store sales
beat analysts' expectations, Thomson Reuters said. This was the
largest number since 79% exceeded projections in March 2007.
Higher-end department stores, which have struggled the most
among retailers during the recession, even performed well, with
Nordstrom Inc. (JWN), Saks Inc. (SKS) and Neiman Marcus all beating
solidly.
-By Karen Talley, Dow Jones Newswires; 212-416-2196;
karen.talley@dowjones.com
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