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Retail Report Out: Downside Surprise Focused At Upscale/Specialty Stores
Out of the 24 retailers who reported August same store sales results, the surprise split was even with 12 beating estimates, and 12 reporting below estimates. Yet the biggest weakness was seen in the Upscale/Specialty category, where only Nordstrom beat its -9% same store sale estimate marginally, coming out at -7.6%, likely as a result of continued heavy discounting/clearance. The other category names, including Saks, Macy's and Hot Topic all came in well below expectations. Also notable is the lack of color from discount retail bastion WalMart which has stopped reporting monthly same store sales.
h/t Aditya
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Point taken, but I'm not sure I'd count Dillards among the "upscale/specialty" category. It is very midrange....
Same thing with Macys?
You guys didnt grow up in a ghetto....when i was a kid those were the rich people stores
maybe barneys? neiman marcus
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Great Read from Rutugers University...
http://www.heldrich.rutgers.edu/uploadedFiles/Publications/Heldrich_Work...
TD...please read, I think you'll find it off interest...
MountainHawk,
Thanks for posting this. Very interesting indeed. While the sample is small it is very revealing.
Milton Friedman's Ghost
That's not depressing at all!
By upscale you must surely mean upscale for the buffer that is the middle class. Would be interesting to see what how sales on 5th ave were doing.
My interpretation of that list is that only 5 companies have anything positive to talk about and the rest are just ugly.
Will Rite Aid make it through the end of the year? They are totally laden with debt (I mean wealth!).
Hot Topic isn't exactly in the upscale category.
Dillards is not upscale specialty, it's mid-market, and likewise Kohl's is arguably discount in reality.
All in all it is an ugly report...which is what was to be expected.
The stores listed as "upscale" are in fact for "middle-class-overly-self-indulgent-rich-posers." No surprise they are in the shitter.
By the way, spot gold just printed $995.75, and spot silver is up 5% at over $16.00. I'd love to see a massive short squeeze in silver; IMO this ain't it, but what the hell do I know?