Disappointing October Same Store Sales

Someone please explain how Larry Kudlow looks at October same-store sales numbers and concludes that this batch of data is a tremendous improvement. Out of the core 9 companies, only three (Costco, Gap and Nordstrom's) met or beat analyst estimates, while 6 missed consensus: JCPenney, Kohl's, Limited, Macy's, Target and TJ Maxx. And this is on the foreground of October of 2008, when people were afraid to leave their homes, let along shop for alligator skin purses (or murses).

Oh, but yes, following word for word from the administration's play book, even the companies that missed expectations are promising, nay, swaering, they will do much better in the critical November sales period. If only there were any idiots left who believe this garbage anymore.

A more politically correct summary courtesy of Goldman Sachs (Zero Hedge has no intentions of raising equity, or advising on M&A or restructuring opportunities, for any of these companies which could be a reason for the stylistic differences):

Same-store sales continue to be mostly negative in the low-single-digit range, but the focus on inventory and cost control initiatives is expected to continue to help margins. Gap, J.C. Penney, Kohl’s, and TJX, all raised earning outlooks for the third quarter. The best relative performers on October SSS were Gap and Nordstrom, which exceeded expectations by 2.4% and 3.5%, respectively.

A more granulary analysis store by store:

• Costco's same-store sales for October 2009 were up 5.0% compared with expectations of up 4.7%. Total sales for October 2009 were up 7.5% to $5.70 billion compared with $5.30 billion in October 2008. US segments were up 2%, while international segments were up 17% excluding the
  negative impacts from gasoline deflation and foreign currency.
• Gap Inc.'s same-store sales for October 2009 were up 4.0% compared with expectations of up 1.6%. Total sales for October 2009 were up 5.6% to $1.14 billion compared with $1.08 billion in October 2008. Gap Sales were down 6%, Banana Republic sales were up 5%, Old Navy sales were  up 14%, and International sales were down 4%.
• J.C. Penney's same-store sales for October 2009 were down 4.5% compared with expectations of down 2.3%. Total sales for October 2009 were down 3.5% to $1.31 billion compared with $1.36 billion in October 2008. Women's apparel and shoes were the top-performing divisions, while
  jewelry continued to experience weaker sales. Sales were strong in the first two weeks of the period, but turned softer and were below expectations in the final week.
• Kohl's same-store sales for October 2009 were up 1.4% compared with expectations of up 6.2%. Total sales for October 2009 were up 5.0% to $1.27 billion compared with $1.21 billion in October 2008. Home business was the strongest division, while the Southwest continued to be the strongest region.
• Limited's same-store sales for October 2009 were down 4.0% compared with expectations of down 2.7%. Total sales for October 2009 were down 3.3% to $0.56 billion compared with $0.58 billion in October 2008. Victoria's Secret sales were down 6%, La Senza sales were down 7%, and Bath and
  Bodyworks sales were up 2%.
• Macy’s Inc. sales for October 2009 were down 0.8% compared with expectations of down 0.1% Total sales for October 2009 were down 1.7% to $1.69 billion compared with $1.72 billion in October 2008. Online sales were up 34.6% for the month.
• Nordstrom's same-store sales for October 2009 were up 6.5% compared with expectations of up 3.0%. Total sales for October 2009 were up 14.7% to $0.61 billion compared with $0.53 billion in October 2008.
• Target’s same-store sales for October 2009 were down 0.1% compared with expectations of down 0.0%. Total sales for October 2009 were up 2.9% to $4.54 billion compared with $4.42 billion in October 2008. Management said comparable store sales in apparel were slightly stronger than for the company overall.
• TJX's same-store sales for October 2009 were up 10.0% compared with expectations of up 10.1%. Total sales for October 2009 were up 14.9% to $1.70 billion compared with $1.48 billion in October 2008. Same-store sales increased 12% at The Marmaxx Group – the combination of T.J. Maxx and Marshalls. The company expects 3Q2010 EPS to be at or slightly above recently raised guidance of $0.77-$0.79; consensus estimates are currently $0.75.