Canaccord Genuity Morning Coffee on SPDR Retail ETF (XRT): Mixed Bag
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Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
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Canaccord Genuity Morning Coffee on SPDR Retail ETF (NYSE: XRT): Mixed bag.
October U.S. retail sales numbers were mixed as Black Friday was not as beneficial as expected for some and consumers remained focused on finding bargains. A few highlights: 1) Gap’s (NYSE: GPS) sales fell 5%, while analysts were expecting a decline of 4.3%. CEO Glenn Murphy said, “This is just the start of the holiday selling season and we expect December to remain fiercely competitive and highly promotional;” 2) Costco’s (Nasdaq: COST) same-store sales increased by 9.0%, topping the 6.5% analysts were looking for, primarily driven by higher gasoline prices; 3) Limited Brands (NYSE: LTD), owner of Victoria’s Secret and Bath & Body Works, posted a 6.0% increase in sales and announced a $2 special dividend payable to investors this month; 4) Kohl’s (NYSE: KSS) sales disappointed, decreasing by 6.2% while analysts were expecting a 2.0% increase as women’s apparel sales fell short of the company’s targets; and 5) Macy’s (NYSE: M) sales increased by 4.8%, topping the consensus of 3.9%, helped by an early open on Black Friday. Management said it expects sales for the full fourth quarter to increase by 4.0-4.5%, but that they could be even higher if momentum continues. One analyst said consumers have “become insanely focused on promotions. The consumer is willing to spend money, that’s the good news. But consumers need to be convinced.”
October U.S. retail sales numbers were mixed as Black Friday was not as beneficial as expected for some and consumers remained focused on finding bargains. A few highlights: 1) Gap’s (NYSE: GPS) sales fell 5%, while analysts were expecting a decline of 4.3%. CEO Glenn Murphy said, “This is just the start of the holiday selling season and we expect December to remain fiercely competitive and highly promotional;” 2) Costco’s (Nasdaq: COST) same-store sales increased by 9.0%, topping the 6.5% analysts were looking for, primarily driven by higher gasoline prices; 3) Limited Brands (NYSE: LTD), owner of Victoria’s Secret and Bath & Body Works, posted a 6.0% increase in sales and announced a $2 special dividend payable to investors this month; 4) Kohl’s (NYSE: KSS) sales disappointed, decreasing by 6.2% while analysts were expecting a 2.0% increase as women’s apparel sales fell short of the company’s targets; and 5) Macy’s (NYSE: M) sales increased by 4.8%, topping the consensus of 3.9%, helped by an early open on Black Friday. Management said it expects sales for the full fourth quarter to increase by 4.0-4.5%, but that they could be even higher if momentum continues. One analyst said consumers have “become insanely focused on promotions. The consumer is willing to spend money, that’s the good news. But consumers need to be convinced.”
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