The nation's retailers posted January sales that came in mostly stronger than expected, with discount retailers topping estimates and the majority of apparel retailers reporting gains.
A Thomson Financial/First Call survey of 33 major retailers showed that same-store sales rose 4.4% last month, easily beating the consensus estimate for a 2.4% increase. To give some indication of how important
is to the nation's economy, and the retailers in particular, comparable sales rose 1.4% excluding the monthly results of the Bentonville, Ark., seller of clothes, hardware, toys, groceries and basically everything else.
Excluding Wal-Mart, which said comparable sales rose 8.3% in January, surpassing estimates of a 6.2% increase, the retailers were expected to see same-store sales increase 0.2% last month. Wal-Mart's total sales climbed 13.8% to $15.4 billion.
Same-store sales at discounters rose 7.3%, as consumers remained price-conscious. The group was expected to see sales increase 5.2%. Sales at department stores fell 2.9%, but they were expected to drop 3.9%. Apparel sales fell 1.2% in January, whereas a 4% decline was forecast.
"January is a clearance month, so it's not an overly important indicator," said Tony Crescenzi, a strategist at Miller Tabak. "But the fact that sales were up signals the consumer is willing to spend."
The overall results are especially impressive considering they follow a better-than-expected holiday shopping season. Consumer spending has been holding up well in the face of the nation's first recession in a decade, and the January figures indicate that shoppers still haven't been compelled to significantly retrench.
The activity of U.S. consumers accounts for about two-thirds of the nation's
gross domestic product. A
preliminary reading on fourth-quarter GDP revealed surprising growth of 0.2%. Analysts were expecting a decline of 1.1%, but raging car sales and a surge in military spending contributed to the result. For the moment though, the January retail sales were in the spotlight, and the S&P Retail Index was ahead by 4% in recent trading.
Abercrombie & Fitch
said same-store sales were down 14% in January, more than the 12% estimated drop. Total sales fell 17.2% to $64.3 million.
said same-store sales climbed 7% in January, topping expectations for a 5.2% increase. Total sales rose 13% to $2.73 billion.
said same-store sales bumped up 6.4%, beating estimates for a 5.5% pop. But the discounter's total sales fell 5%.
said same-store sales declined 8.8%, narrower than the 9.5% expected drop. Net sales dropped 25% to $827 million.
said same-store sales decreased 16% in January, compared with estimates for a 12.1% decline. Total sales fell 4.9% to $684 million.
said same-store sales were up 7% in January, while analysts were expecting a decline of 0.7%. Total sales were down 16% to $341.8 million.
said same-store sales lifted 5.9% in January, better than the 4.9% estimate. The department store said total sales were up 1.4% to $2.14 billion.
said same-store sales advanced 11.5% in January, trouncing forecasts for a 5.4% improvement. Total sales rose 3.4% to $383.9 million
May Department Stores
said same-store sales fell 10.7%, wider than the expected 8.2% loss. Total sales fell 7.2% to $691 million.
Pier 1 Imports
said January same-store sales increased 5.5% from the same month last year. Total sales rose 14% to $106.1 million.
said same-store sales rose 2.1%, beating forecasts that they would fall 5%. Total sales 1.7% to $328.5 million.
said same-store sales dropped 3.4%, more than the 3.1% fall that was expected. Total sales fell 2.3% to $1.69 billion.
said January same-store sales rose 0.8%. Total sales for the month fell 5.6% to $198.7 million. Excluding sales from stores closed in the first quarter, consolidated sales for the latest quarter declined 0.9% to $1 billion. The company expects same-store sales in February to be flat or slightly positive.
same-store sales rose 7.7% last month, beating estimates of a 4.3% increase. Total sales rose 9% to $107.3 million. The company still expects to earn 52 cents to 54 cents a share in the fourth quarter. For next fiscal year, the company hopes to see earnings to grow "a minimum of 15%."
said same-store sales rose 5.8%, compared with predictions for a 4.2% advance. The discounter said net sales fell 9%, however.