Retail
Good News (Mostly) on Retail Sales (M, TGT, COST, LTD, WTSLA, GPS)
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Several retailers are announcing August same-store sales today, and the reports are generally good. The good results are pushing share prices close to or above current highs.
Here’s a rundown:
Macy’s Inc. (NYSE: M) reported same-store sales rose 5.1% compared with August 2011, and total sales rose 5.7% for the four weeks ended August 27. Year-to-date same-store sales are up 3.8% and online sales are up 37.4% compared with August 2011.
Target Corp. (NYSE: TGT) said same-store sales rose 4.2% for the four weeks ended August 25, and total sales rose 4.7%.
Costco Wholesale Corp. (NASDAQ: COST) reported same-store sales for the four weeks ended August 26 rose 6% compared with August 2011. Even excluding gasoline, sales growth totaled 6%.
Limited Brands Inc. (NYSE: LTD) said same-store sales for the four weeks ended August 25 rose 8% compared with August 2011. Year-to-date same-store sales also rose 8%.
The Wet Seal Inc. (NASDAQ: WTSLA) reported same-store sales for the four weeks ended August 25 fell a whopping 18.3%. The company said that sales were “in line” with its expectations as it moves back to a “fast fashion” business model.
Gap Inc. (NYSE: GPS) reported same-store sales rose 9% for the four weeks ended August 25. Total sales also rose 9%, with the company’s Old Navy stores posting a 12% gain compared with August 2011.
Gap’s shares are up 0.9% at $35.50 in premarket trading this morning in a 52-week range of $15.08 to $36.23.
Wet Seal’s shares are inactive in the premarket today having closed last night at $2.80 in a 52-week range of $2.42 to $5.23.
Limited’s shares are up 1.1% at $48.30 in a 52-week range of $34.69 to $51.84.
Costco shares are up 0.9% at $97.99, a new 52-week high if it holds, in a current 52-week range of $76.59 to $97.76.
Target’s shares are up 0.3% at $64.46 in a 52-week range of $47.25 to $64.99.
Macy’s shares are up 0.4% at $40.65 in a 52-week range of $24.20 to $42.17.
Paul Ausick
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