In what is becoming standard practice in retail, Wal-Mart Stores, Inc. (NYSE: WMT) reported a same-store sales increase of 2.1% in January while competitor Target Corp. (NYSE: TGT) experienced a same-store sales decline of 1.6% from the year-ago period. Surprising? Not at all.As the economic stimulus bill hangs around Capitol Hill and more and more Americans are becoming unemployed, Wal-Mart is continuing to experience an influx of business that's coming in from the competition. This will continue throughout 2009. Even though Wal-Mart won't be giving monthly same-store sales forecasts for the time being, the retailer will be one of the very few shining lights in retail this year.
Target's Q4 results to be released later in February will show a sharp decline in overall sales, and the retailer will most likely post an EPS figure decline of at least 30% from the year-ago quarter. Target seemed to be hitting its stride with consumers in 2008 before the economy went to hell in a handbasket, and it will regain some of its popularity with consumers that were previously looking for a "step up" from Wal-Mart. That won't happen until sometime in 2010, though. Until then, Target will have a rough ride.
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