Retail sales were down for the twelfth month in a row in August, according to an Associated Press report. Consumers stayed focused on what they need rather than what they want, as unemployment remains high and even those employed worry about the future of their jobs.
The silver lining, though, is that the coming holiday season might not be as bad as many thought.
Some retailers actually showed gains. TJMaxx (NYSE: TJX) and Old Navy, a Gap (NYSE: GPS) company, for example, saw year-over-year sales increases, though upscale stores generally sustained declines. The action on the discount side could be an early sign that the consumer is ready to play.
Target's (NYSE: TGT) sales at established stores fell 2.9% from August to August (better than the 5.1% forecasted), with TJMaxx up 5%. Saks (NYSE: SKS), on the other hand, sustained a plunge of 19.6%, with Macy's off 8.1%. Abercrombie & Fitch (NYSE: ANF) turned in a dismal decline of 29%.
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Reader Comments (Page 1 of 1)
9-04-2009 @ 12:02PM
Iridium said...
Kids need back to school stuff. The dates this year gave an extra few days to count in August for sales.
Don't expect great sales for Halloween. Inventory levels in stores are severely depressed from last year. Stores aren't stocking much at all. Within one week Target put back to school items at 30% off.
Even with less inventory stores couldn't get rid of patio sets and grills over the summer. The only way to move product was through major deductions. I bought a $275 retail patio table for $65. A set of four chairs that were $200 for $50. It would be something if that was the last set on clearance at the end of the season.
NO it was the first week of June and there were 6 sets of chairs and 4 tables.
Clothes for kids to go back to school is a necessity. Kids do grow. Parents are buying whatever is cheapest. Stockies love to exclaim, "Whooo I bought dollar store stock and look at it soar."
DOLLAR GENERAL IS SEEING MASSIVE SALE INCREASES, DOLLAR GENERAL!!!???!!!!
Do any of you Manhattan money grabbers actually shop at a Dollar General? DO you even know what it looks like?
I guess as long as you can count your cash from the stock market you don't really care.