Barclays on U.S. Dept Stores: Review of August Sales (JWN, M, KORS, TGT, SSI, KSS)
Tweet
Share
E-mailGet Alerts JWN Hot Sheet
Price: $24.66 --0%
Rating Summary:
4 Buy, 30 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
4 Buy, 30 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Barclays on U.S. Dept Stores: Review of August Sales
Analyst, Robert S. Drbul, said, "The Barclays Broadlines/Dept. Store Same Store Sales index increased 5.7% in August, well above our expectation of 3.7% and compared to a 6.5% increase last year. On a two-year basis, the index accelerated sequentially to 12.2%, compared to a 9.9% two-year increase in July."
Noting that all of the companies (covered) reported figures that exceeded expectations, the back-to-school season is off to a strong start. Drbul expects a 3.6% increase in September, implying Aug-Sept combined figure of 4.5%, ahead of orinigal expectations.
Highlighted by Nordstrom (NYSE: JWN), which blew estimates away at +21% vs. Barclays view of +9-11%.
Macy's (NYSE: M)(OW-rated) topped out at 5.1%, above Barclays +3-5%. Drbul raises Macy's price target from $42 to $45. Barclays believes Macy's can continue down a strong path, considering market share gains from JC Penney (NYSE: JCP), which 60% of stores overlap in malls.
For Michael Kors (Nasdaq: KORS)(OW-rated), PT raised from $55 to $62 and FY12 EPS up from $1.34 to $1.35.
Target (NYSE: TGT)(OW-rated) and Stage Stores (NYSE: SSI) results also reflected strong back-to-school starts. Barclays raises its price target on Target from $65 to $70.
Finally, Kohl's (NYSE: KSS) increased 3.4% in the month, above the 0-2%. Inventory units were up, which indicated good positioning for b-t-s. However, tough comparisons are seen for Sept
Analyst, Robert S. Drbul, said, "The Barclays Broadlines/Dept. Store Same Store Sales index increased 5.7% in August, well above our expectation of 3.7% and compared to a 6.5% increase last year. On a two-year basis, the index accelerated sequentially to 12.2%, compared to a 9.9% two-year increase in July."
Noting that all of the companies (covered) reported figures that exceeded expectations, the back-to-school season is off to a strong start. Drbul expects a 3.6% increase in September, implying Aug-Sept combined figure of 4.5%, ahead of orinigal expectations.
Highlighted by Nordstrom (NYSE: JWN), which blew estimates away at +21% vs. Barclays view of +9-11%.
Macy's (NYSE: M)(OW-rated) topped out at 5.1%, above Barclays +3-5%. Drbul raises Macy's price target from $42 to $45. Barclays believes Macy's can continue down a strong path, considering market share gains from JC Penney (NYSE: JCP), which 60% of stores overlap in malls.
For Michael Kors (Nasdaq: KORS)(OW-rated), PT raised from $55 to $62 and FY12 EPS up from $1.34 to $1.35.
Target (NYSE: TGT)(OW-rated) and Stage Stores (NYSE: SSI) results also reflected strong back-to-school starts. Barclays raises its price target on Target from $65 to $70.
Finally, Kohl's (NYSE: KSS) increased 3.4% in the month, above the 0-2%. Inventory units were up, which indicated good positioning for b-t-s. However, tough comparisons are seen for Sept
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fiserv (FISV) PT Lowered to $60 at Freedom Broker
- Intuitive Machines Inc. (LUNR) PT Lowered to $32 at Cantor Fitzgerald, Reaffirms Overweight Rating
- Petronet LNG Ltd. (PLNG:IN) PT Raised to INR310 at ICICI Securities
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, Retail SalesRelated Entities
BarclaysSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
