S&P Equity Research Analyst Comments on Department Store Sales for April

S&P Equity Research analyst says Department Stores Mostly Exceed Out April Same-Store Sales Estimates.

S&P analyst, J. Asaeda, says, "With the right products at the right prices in April, same-store sales rose 23.9% at Saks (NYSE: SKS) and 3.5% at Kohl's (NYSE: KSS), topping our +3.0% and -3.0% estimates. The 1.7% same-store sales drop at J.C. Penney (NYSE: JCP) also bested our -6.0% forecasts. At Nordstrom (NYSE: JWN), same-store sales fell 3.8% vs. our +2.0% projection on less discounting than SKS. Finally, while Dillard's (NYSE: DDS) 4.0% same-store sales decline beat our -8.0% estimate, we believe odds of its turnaround remain low. We see tax rebate spending and lower clearance levels in May."

Saks Incorporated operates Saks Fifth Avenue (SFA), Off Fifth and Club Libby Lu (CLL). [SM]

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