By  on August 4, 2011

ON THE MONEY: July’s same-store sales results weren’t strong enough to stop Wall Street’s slide Thursday, but they were hardly a disappointment. In fact, the Thomson Reuters SSS Index landed with a 4.4 percent increase, exactly as projected, with discounters, registering a 7.1 percent jump versus a 6.2 percent estimate, the strongest sector. Teen retailers surpassed expectations — up 6.8 percent versus the 5 percent expected — and apparel retailers trailed estimates just slightly (1.9 percent versus 2.2 percent) and were up when figures from the stumbling Gap were excluded (4.6 percent versus a 3.4 percent projection).

Unity Marketing’s forward-looking Luxury Consumption Index might have recently shown a steep drop in the sentiments of the affluent, but it didn’t make a dent on upscale retailers’ July results. In fact, Saks Inc., with a 15.6 percent comp gain, registered both the best overall number and the biggest upside surprise of the month. (Projections were for a 8.5 percent hike.) Nordstrom was up 6.6 percent versus an expected 5.8 percent upward swing and Neiman Marcus Inc., privately held and not endowed with an estimate, moved up 7.7 percent.

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