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.

Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: JDN who wrote (524004)	1/14/2004 2:53:54 PM
From: jlallen	Respond to of 769667

As I recall, the year end results were up but not as good as retailers wanted.....

To: JDN who wrote (524004)	1/14/2004 3:07:49 PM
From: goldworldnet	Read Replies (1) \| Respond to of 769667

I saved this on Jan. 8, 2004. U.S. Retailers Fare Better Than Expected By ANNE D'INNOCENZIO, AP Business Writer NEW YORK - Consumers who kept retailers in suspense for weeks gave many storeowners a better-than-expected holiday season after all, coming through at the last minute with a big spending spree. Even struggling department stores ended the season with solid results. December results issued Thursday by the nation's biggest retailers showed that late shoppers helped companies including Wal-Mart Stores Inc., J.C. Penney Co. Inc., and Target Corp. offset a slow start to the season. Still, the end-of-the-season sales surge didn't benefit all retailers; Gap Inc. and Kohl's Corp. were among the ones dissatisfied with their results. And some retailers got their sales with heavy markdowns that eroded their profits. Wal-Mart warned Thursday that fourth-quarter earnings may fall at the low end of its projections. Upscale stores including Neiman Marcus Group, and Nordstrom Inc. were the star performers, posting sales results that far exceeded expectations. But December turned out to be a pleasant surprise for May Department Stores Co., Federated Department Stores Inc. and apparel stores including Limited Brands, which ended up having a solid month. Sears, Roebuck and Co. reported sluggish results, but they were better than expected. "Industrywide, the last two weeks made up a lot of lost ground," said Michael P. Niemira, chief economist at the International Council of Shopping Centers. "There was a lot of worry, but in the end, sales came through." The International Council of Shopping Centers-UBS sales tally of 77 retailers was up 4.2 percent, slightly above Niemira's 4 percent forecast. The tally is based on what the industry calls same-store sales, those from stores open at least a year. They are considered the best measure of a retailer's health. That means same-store sales for the November-December period rose 4.0 percent from a year ago, confirming Niemira's prediction that holiday 2003 would be the best since 1999's 5.4 percent. The holiday 2002 season had a meager 0.5 percent gain in same-store sales from the previous year. Still, when the 2003 season started, many stores hoped for bigger increases because of the rebounding economy. That didn't happen. After a slow start caused in part by northeastern snowstorms, retailers warned that the season might be disappointing. So stores were depending even more heavily on the final days before Christmas and post-holiday shopping to meet their sales goals. The still sluggish job market made many consumers wary, and many held off buying until they got the markdowns they wanted. The Labor Department said Thursday new claims for unemployment benefits rose last week, ending a three-week string of declines. New claims rose to 353,000, up 14,000 for the week ending Jan. 3, compared to 339,000 new applications the previous week. Economists said the increase was likely due to the holidays. Wal-Mart said December same-store sales were up 4.3 percent, beating Wall Street analysts' expectations of 3.3 percent. Wal-Mart's total sales rose 11.3 percent. Meanwhile, Penney said same-store sales for its department store business rose 4.3 percent, beating the 1.3 percent estimate of analysts surveyed by Thomson First Call. Penney's total sales rose 1.8 percent. Target Corp. said same-store sales were up 4.1 percent, beating analysts' estimates of 3.4 percent. Total sales increased 9.9 percent. Kohl's posted a 1.2 percent decline in same-store sales, in line with analysts' forecasts. Total sales rose 12.8 percent. "We are very disappointed with our December sales performance," said CEO Larry Montgomery. "The business came very late in the month and at deeper discounts than planned." At Federated, same-store sales rose 1.2 percent, compared to a 0.2 percent forecast. Total sales rose 0.4 percent. May reported that same-store sales rose 1.1 percent, beating Wall Street projections of a 1.8 percent decline. Total sales gained 2.3 percent. At Limited Brands, same-store sales and total sales rose 6 percent. Analysts expected a 1.3 percent gain. Selected same-store sales for December for other leading retailers: _Abercrombie & Fitch, same-store sales were down 13 percent; total sales slipped 2 percent. _Neiman Marcus, same-store sales increased 12.6 percent; total sales were up 15 percent. _Nordstrom Inc., same-store sales were up 9.1 percent; total sales rose 12.2 percent. _Saks Inc., same-store sales were up 5.1 percent; total sales rose 6.3 percent. _Sears, same-store sales were down 0.6 percent for its domestic business; total sales declined 0.8 percent. * * *