Same-Store Sales: Tomorrow's Headliners
NEW YORK (
) --
Target
(TGT) - Get Report
and other retail stocks will be in the spotlight Thursday as the group will be releasing same-store sales results for March, which are expected to be the strongest in three years.
The
Thomson Reuters
same-store sales index is expected to post a 6.3% increase for March, compared with a 5% rise in March 2009. That would be the best showing since a 7.6% jump in March 2007. Meanwhile, the
International Council of Shopping Centers
expects March to see the best sales results since 1994.
Discount and department stores, such as
BJ's Wholesale
(BJ) - Get Report
,
Kohl's
(KSS) - Get Report
and
Costco Wholesale
(COST) - Get Report
, are expected to perform best.
Meanwhile, teen/child apparel stores like
Abercrombie & Fitch
(ANF) - Get Report
and
Wet Seal
( WTSLA) are expected to see positive comparable store numbers after a very weak March 2009 showing.
Jharonne Martis, director of consumer research at
Thomson Reuters
, said the sharp increase in March sales was fueled by Easter shopping, warm weather, and improved consumer confidence
"Consumers have been in a restrained spending mode for several months, but improved consumer confidence is prompting shoppers to loosen the purse strings after two years," Martis wrote in a sales preview Wednesday. "Historically, when unemployment is high, consumer confidence remains low. Yet, we saw an improvement in consumer sentiment in March."
Investors will also be watching for a handful of earnings reports, with
Pier One Imports
(PIR) - Get Report
,
Joe's Jeans
(JOEZ)
and
PriceSmart
(PSMT) - Get Report
set to post results Thursday.
On the economic front, Thursday will bring the Labor Departments weekly read on initial jobless claims, which is expected to show a decline to 435,000 claims from 439,000 the week before. The report is due at 8:30 a.m. EDT.
-- Written by Robert Holmes in Boston
.
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