Barclays on U.S. Department Stores/Broadlines: Review of October Sales
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1 Buy, 21 Hold, 11 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 9 | New: 13
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Barclays on U.S. Department Stores/Broadlines: Review of October Sales
Yesterday, J.C. Penney (NYSE: JCP), Kohl's (NYSE: KSS), Macy's (NYSE: M), Nordstrom (NYSE: JWN), Saks (NYSE: SKS), Stage Stores (NYSE: SSI), Target, Costco (Nasdaqa: COST), and BJ's reported October sales results.
Overall, October came in slightly above our estimates, with the Barclays Capital Broadlines/Dept. Store Same Store Sales Index up 3.0% versus our recently lower expectation for a 1.9% increase. This compares with a 1.6% increase last year, which is the first positive year ago comparison in the last 13 consecutive months.
Sales activity picked up toward the second half of the month, with many retailers noting slower traffic in the first two weeks, which was partly attributed to unseasonably warm weather. More normal weather conditions helped results in weeks three and four, in what appeared to be a solid close to the month.
As we look to November, we expect the Barclays Capital Broadlines/Dept. Stores Same Store Sales Index to be up 3.4%, compared to an increase of 0.3% last year. We expect the beginning of the month to sustain trends from the end of October, and benefit from seasonably cooler weather. In addition, we expect trends to accelerate at the end of the month for Black Friday.
Yesterday, J.C. Penney (NYSE: JCP), Kohl's (NYSE: KSS), Macy's (NYSE: M), Nordstrom (NYSE: JWN), Saks (NYSE: SKS), Stage Stores (NYSE: SSI), Target, Costco (Nasdaqa: COST), and BJ's reported October sales results.
Overall, October came in slightly above our estimates, with the Barclays Capital Broadlines/Dept. Store Same Store Sales Index up 3.0% versus our recently lower expectation for a 1.9% increase. This compares with a 1.6% increase last year, which is the first positive year ago comparison in the last 13 consecutive months.
Sales activity picked up toward the second half of the month, with many retailers noting slower traffic in the first two weeks, which was partly attributed to unseasonably warm weather. More normal weather conditions helped results in weeks three and four, in what appeared to be a solid close to the month.
As we look to November, we expect the Barclays Capital Broadlines/Dept. Stores Same Store Sales Index to be up 3.4%, compared to an increase of 0.3% last year. We expect the beginning of the month to sustain trends from the end of October, and benefit from seasonably cooler weather. In addition, we expect trends to accelerate at the end of the month for Black Friday.
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