Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (29147)	2/24/2003 11:17:58 AM
From: calgal	Respond to of 74559

Wal-Mart Sales on Track, Others Snowed In 52 minutes ago URL:http://story.news.yahoo.com/news?tmpl=story2&cid=568&ncid=749&e=2&u=/nm/20030224/bs_nm/retail_sales_dc NEW YORK (Reuters) - Two top retailers cut their February sales forecasts on Monday, saying severe winter storms hurt business over the Presidents Day weekend, but industry leader Wal-Mart said it had recovered from all the snow. For many retailers, Presidents Day is an occasion to entice shoppers with big discounts. But this year, storms blanketed much of the Northeast with at least two feet of snow, curbing travel over the three-day holiday weekend and confining millions of people to their homes. Because of the snow, many businesses failed to open at all on Presidents Day, Monday, Feb. 17, a national holiday. J.C. Penney Co. Inc. (JCP.N) and Federated Department Stores Inc. (FD.N) said weather-related disruptions hurt sales so much in the week ended Feb. 21 that they had reduced their sales forecasts for the full month. Wal-Mart Stores Inc. (WMT.N), the world's biggest retailer, said it was also hurt by the storms, but sales recovered as the week went on and the company left its February sales forecast unchanged. In a recorded statement, Bentonville, Arkansas-based Wal-Mart said U.S. same-store sales, or sales at stores open at least a year, were running at low end of its target for an increase of 2 percent to 4 percent for the full month. Wal-Mart said the strongest-selling product categories in the latest week were electronics, food, outerwear, pet supplies and hardware -- all supplies used by people holed up in their homes or bracing for low temperatures. Wal-Mart said customer traffic was down, but the dollar value of the average transaction was up. Within Wal-Mart's main discount stores division, same-store sales are running within its target growth range of 3 percent to 5 percent for the month, the company said. J.C. Penney lowered expectations for February same-store sales at its department stores and Eckerd drugstores because the storms led to store closures in the latest week, which is the final week of its fiscal month. (Story continues after advertisement) ADVERTISEMENT Plano, Texas-based J.C. Penney said sales at department stores and Eckerd had been on target through the first three weeks of the month. The retailer had targeted department store same-store sales to be little changed from a year earlier period. Now it expects a decline of 2 percent to 3 percent. The plan for Eckerd was for growth in the low single digits on a percentage basis. But Eckerd was hit particularly hard by store closings, and sales are now expected to be little changed, J.C. Penney said. It said sales increased in the western region and were strong over the final Saturday of the month but could not offset the weakness of the Presidents Day weekend. The catalog division did better than expected, perhaps reflecting an increase in people shopping at home during the storms. Catalog sales are trending down 12 percent instead of the expected decline of 20 percent, J.C. Penney said. Federated, the parent of Bloomingdale's and Macy's, said same-store sales through Feb. 14 were on track to achieve the company's target of a decline of 4 percent to 5 percent for the month. But in a recorded statement, the retailer said full-month same-store sales are now expected to be down 7.5 percent to 8.5 percent. Target Corp. (TGT.N), which operates Target, Marshall Field's and Mervyn's stores, usually reports weekly sales data on Monday afternoon.