Canaccord Genuity Morning Coffee on SPDR Retail ETF (XRT): Shop 'til You Drop!
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Price: $70.69 +0.04%
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
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Canaccord Genuity Morning Coffee on SPDR Retail ETF (NYSE: XRT): Shop 'til you drop!
U.S. retailers posted mixed same-store sales in July, a month that is typically a clearance month as companies transition from summer items to back to school. Target (NYSE: TGT) posted a 3.1% increase in same-store sales, topping the average analyst estimate of 2.7%. CEO Gregg Steinhafel said the positive results came amid “a consumer environment that remains quite challenging.” The company’s strongest results were in food, health and beauty, followed by apparel, while home and hardlines struggled. Macy’s (NYSE: M) also had a solid month, with sales growing by 4.1% versus the average analyst estimate of 3.2%. CEO Terry Lundgren also pointed to macroeconomic headwinds in the month. Gap (NYSE: GPS) saw its same-store sales increase by 10%, nearly triple the 3.8% consensus, as its turnaround efforts continue. All three of its business lines – Gap, Banana Republic and Old Navy – reported growth and its international business posted 4% sales growth while most were expecting sales to drop. Net of fuel sales, Costco’s (Nasdaq: COST) sales increased by 8%, topping the 4.7% consensus. Looking at luxury retailers, Nordstrom (NYSE: JWN) topped expectations while Saks (NYSE: SKS) fell short. Overall, retailers who report monthly sales numbers posted an average increase of 4.6% while 3.1% was expected in July. This figure compares to 4.8% growth posted last year."
U.S. retailers posted mixed same-store sales in July, a month that is typically a clearance month as companies transition from summer items to back to school. Target (NYSE: TGT) posted a 3.1% increase in same-store sales, topping the average analyst estimate of 2.7%. CEO Gregg Steinhafel said the positive results came amid “a consumer environment that remains quite challenging.” The company’s strongest results were in food, health and beauty, followed by apparel, while home and hardlines struggled. Macy’s (NYSE: M) also had a solid month, with sales growing by 4.1% versus the average analyst estimate of 3.2%. CEO Terry Lundgren also pointed to macroeconomic headwinds in the month. Gap (NYSE: GPS) saw its same-store sales increase by 10%, nearly triple the 3.8% consensus, as its turnaround efforts continue. All three of its business lines – Gap, Banana Republic and Old Navy – reported growth and its international business posted 4% sales growth while most were expecting sales to drop. Net of fuel sales, Costco’s (Nasdaq: COST) sales increased by 8%, topping the 4.7% consensus. Looking at luxury retailers, Nordstrom (NYSE: JWN) topped expectations while Saks (NYSE: SKS) fell short. Overall, retailers who report monthly sales numbers posted an average increase of 4.6% while 3.1% was expected in July. This figure compares to 4.8% growth posted last year."
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