It took substantial promotional prodding and wintry weather, but most retailers ended November with same-store sales ahead of both last year’s levels and analysts’ expectations.
The month benefited not only from a strong kickoff to the holiday shopping season on Black Friday but to a more seasonal weather pattern that boosted sales of cold weather apparel for both personal use and gift-giving.
Thomson Reuters said that comparable-store sales for stores reporting Thursday averaged 6 percent, higher than the 3.6 percent increase estimated. Among these retailers, 76 percent surpassed expectations while 24 percent fell beneath them.
Related Articles
Especially strong performances were reported by Limited Brands, with a comparable-store sales gain of 10 percent highlighted by a 13 percent jump at Victoria’s Secret, and Abercrombie & Fitch Co., which more than tripled its expected comp increase with a 22 percent gain. Zumiez Inc. again impressed with a 20.7 percent advance.
You May Also Like
Aéropostale Inc. and Hot Topic Inc. reported declines of 1 percent and 2.1 percent, respectively, while The Buckle Inc. was up 7.9 percent and The Wet Seal Inc. ahead 7 percent. American Eagle Outfitters Inc. reported a flat comp result for the month.
Helped by Abercrombie’s strong showing, teen retailers posted the strongest increases, averaging a 9 percent increase.
Gap Inc. came up with a 4 percent gain for the month, with 5 percent increases at Gap and Old Navy offset by Banana Republic’s flat year-on-year result.
Department stores continued their recent strong performance pattern, with upscale stores less dominant than in recent months. Neiman Marcus Inc., Saks Inc. and Nordstrom Inc. reported gains of 5.5 percent, 5.3 percent and 5.1 percent, respectively. Saks fell short of the 9.5 percent increase expected.
Macy’s Inc. was up 6.1 percent and Dillard’s Inc. up 8 percent, and The Bon-Ton Stores Inc. and Stage Stores Inc. managed increases of 2.9 percent and 2.4 percent, respectively. J.C. Penney Co. Inc. nearly tripled expectations with its 9.2 percent jump, while Kohl’s Corp. more than doubled its anticipated performance with a 6.1 percent boost highlighted by footwear and, to a lesser extent, men’s and women’s apparel.
In the mass channel, Target Inc. was up 5.5 percent while off-pricers Ross Stores Inc. and The TJX Cos. Inc. rose 6 percent and 3 percent, respectively.
For complete coverage, see Friday’s issue of WWD.