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Same-Store Sales: Thursday's Headlines

Same-store sales results from retailers were in focus Thursday



) -- Here are the top stock market headlines for the morning of Thursday, April 8, 2010.

Thursday's Early Headlines

  • Same-Store Sales Strong in March -- Retailers reporting March comparable store sales data saw a 9.1% increase, according to Thomson Reuters, a record since the firm began tracking sales results in 2000. Kohl's (KSS) - Get Kohl's Corporation Report, Limited (LTD) and Aeropostale (ARO) were among the best reported comp sales. Hot Topic (HOTT) and was among the worst with a 7.5% decline, although that was still better than the Thomson Reuters estimate for a 11.2% drop.
  • Initial Jobless Claims Unexpectedly Rise -- Initial jobless claims increased by 18,000 to reach 460,000 for the week ended April 3, the Labor Department said Thursday. The tally was far north of consensus estimates calling for a dip to 435,000. The four-week moving average advanced by 2,250 to 450,250.
  • Bank of England Holds Rates at 0.5% -- The Bank of England, as expected, held interest rates steady at a record low of 0.5% for the 13th straight month. The BOE also left on hold its asset purchasing program of 200 billion pounds.
  • CKE's New Bidder is Apollo Management: Report -- Private-equity firm Apollo Management is challenging an existing bid made by Thomas H. Lee Partners for CKE Restaurants (CKR) , according to a Reuters report. CKE said Wednesday it received an alternative takeover proposal to acquire all its outstanding shares but didn't name the buyer.
  • Concerns Over Greece Debt Rise Again -- Greece's ongoing debt problems continued to spook investors who fear the debt woes could stall a recovery in the Euro zone nations. Fitch Ratings senior analyst Chris Pryce argued that Greece should ask the European Union and International Monetary Fund for cash now due to spiraling bond spreads and lack of clarity over EU support. "It is now up to the Greek government to go publicly to the EU and IMF and ask for the cash and the support; the matter cannot be long delayed," Price said, according to a Reuters report.

Thursday's Earnings Roundup

  • Pier 1 Imports (PIR) - Get n.a. Report swung to a fourth-quarter adjusted profit of 31 cents a share, which was a penny worse than the Thomson Reuters average estimate. Sales were up 1.7% to $396 million, matching estimates.
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-- Written by Robert Holmes in Boston


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