Barclays on U.S. Department Stores/Broadlines: December Sales Preview
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Up: 7 | Down: 9 | New: 45
Rating Summary:
25 Buy, 19 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 9 | New: 45
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Barclays on U.S. Department Stores/Broadlines: December Sales Preview
Barclays analyst said, "Target (NYSE: TGT), Kohl's (NYSE: KSS), J.C. Penney (NYSE: JCP), Saks (NYSE: SKS), Nordstrom (NYSE: JWN), Macy's (NYSE: M), BJ's (NYSE: BJ), Costco (NYSE: COST), and Stage Stores (NYSE: SSI) will report December sales results on Thursday, January 6. Sears (Nasdaq: SHLD) has also provided a holiday sales update in recent years when retailers report December sales. Finally, Tiffany (NYSE: TIF) will be issuing a press release regarding holiday sales next Tuesday.
"Ahead of Thursday's results, we are slightly raising our Barclays Capital Broadlines/Dept. Stores Same Store-Sales Index estimate for November to 4.7% from 4.5% compared with a 3.7% increase last year. The increase in our index is attributable to Nordstrom, which we raised to 5%-7% from 0%-2%. In addition, we are expecting a positive comp result this quarter from Wal-Mart, and we expect Sears comps to decline (3.5)% in 4Q10. Finally, we expect that Tiffany sales increased in-line with our 4Q10 comp estimate of 2%."
"We believe that strength seen in November continued through December and the remainder of the holiday season, and now expect our Barclays Capital Broadlines/Dept. Stores Same Store-Sales Index for the combined
November/December period to post the largest increase since 2003. Calendar shifts and Christmas timing appeared to be a non-event. However, the after-Christmas snow storms on the East Coast may have had a slightly negative impact on December sales."
"We believe that inventory levels are largely in good condition and promotional
activity remained mostly at planned and reasonable levels. January should enable retailers to handle existing clearance merchandise and set the floors for spring."
Barclays analyst said, "Target (NYSE: TGT), Kohl's (NYSE: KSS), J.C. Penney (NYSE: JCP), Saks (NYSE: SKS), Nordstrom (NYSE: JWN), Macy's (NYSE: M), BJ's (NYSE: BJ), Costco (NYSE: COST), and Stage Stores (NYSE: SSI) will report December sales results on Thursday, January 6. Sears (Nasdaq: SHLD) has also provided a holiday sales update in recent years when retailers report December sales. Finally, Tiffany (NYSE: TIF) will be issuing a press release regarding holiday sales next Tuesday.
"Ahead of Thursday's results, we are slightly raising our Barclays Capital Broadlines/Dept. Stores Same Store-Sales Index estimate for November to 4.7% from 4.5% compared with a 3.7% increase last year. The increase in our index is attributable to Nordstrom, which we raised to 5%-7% from 0%-2%. In addition, we are expecting a positive comp result this quarter from Wal-Mart, and we expect Sears comps to decline (3.5)% in 4Q10. Finally, we expect that Tiffany sales increased in-line with our 4Q10 comp estimate of 2%."
"We believe that strength seen in November continued through December and the remainder of the holiday season, and now expect our Barclays Capital Broadlines/Dept. Stores Same Store-Sales Index for the combined
November/December period to post the largest increase since 2003. Calendar shifts and Christmas timing appeared to be a non-event. However, the after-Christmas snow storms on the East Coast may have had a slightly negative impact on December sales."
"We believe that inventory levels are largely in good condition and promotional
activity remained mostly at planned and reasonable levels. January should enable retailers to handle existing clearance merchandise and set the floors for spring."
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