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To: Lizzie Tudor who wrote (159831)	1/15/2004 1:50:46 AM
From: Victor Lazlo	Read Replies (1) \| Respond to of 164684

Lizzie, you are confused. Allow me to allay your fears. These retailers you referred to stated they may not experience quite the record-breaking earnings GROWTH they were expecting - that their earnings GROWTH would be a bit smaller GROWTH than they had earlier expected. So they still are GROWING, just not as FAST as earlier projected. Still RECORD-BREAKING earnings GROWTH ! ok?

To: Lizzie Tudor who wrote (159831)	1/15/2004 7:42:07 AM
From: Oeconomicus	Respond to of 164684

walmart, the largest retailer in the world warned before Christmas as did Target, Best Buy, Pier one you name it. Ah, yes - the "LizzieFact" of "this is the worst x-mas for retail in years." Let's see what the retailers are REALLY reporting, shall we? Retailers Post Solid Holiday Season December Same-Store Sales Rose 4%, Best in Four Years; Gift Cards Still to Be Cashed WSJ, 1/9/04 online.wsj.com Excerpt: Overall, retailers' same-store sales in December rose 4%, making the holiday the strongest in four years, according to the Goldman Sachs index of same-store sales. Goldman's index of department stores, specialty stores, discounters and specialty hard goods, had expected sales to rise 3.2%. In December 2002, sales gained a paltry 1%... Even discounters, which struggled through the month, saw a late sales surge that helped them reach their goals. Minneapolis-based Target Corp. said its same-store sales rose 4.1%, and Wal-Mart Stores Inc. posted gains of 4.3% at its Wal-Mart stores and Sam's Club divisions... This season, retailers attempted to hold the line on pervasive markdowns, which may have prolonged the shopping season as consumers waited for bargains. But coupled with leaner inventories, more full-price sales portend healthier fourth-quarter earnings for retailers than a year ago. Most retailers reporting sales Thursday maintained or increased their earnings estimates. And here's another report you apparently missed: A Merry Retail Christmas WSJ, 1/7/04 online.wsj.com Last-minute shoppers saved the day—rather, the season—as retail sales for the final week, which ended Dec. 28, shot up 24.6% from a year earlier. Redemptions of gift cards, which happen after Christmas, also helped. Retailers said Dec. 24 and 26 were their busiest days, according to Redbook Research. And don't forget - gift cards continue to gain in popularity and much of that will hit the revenue numbers in January, though the retailers are already sitting on the cash.