New York, NY, November 2, 2006--Many specialty and discount stores reported much weaker sales at their stores last month, indicating that the recent retreat in gas prices didn't really help buoy consumers' store purchases in October.
Analysts expect that overall sales in October rose an average 3.4 percent, much lower than the 4.3 percent gain in the same month a year ago, according to Thomson Financial.
Of the 57 retailers that already reported their monthly sales Thursday, 57 percent missed sales estimates while 35 percent beat expectations, the firm said.
Wal-Mart said same-store sales rose a much weaker-than-expected 0.5 percent. The increase was lower than Wal-Mart's recently reduced guidance of a 1 percent increase. It initially expected sales to rise between 2 to 4 percent.
For November, Wal-Mart expects same-store sales to come in flat.
Target posted a 3.9 percent gain in its same-store sales. That result was below analysts' forecast for a 4.2 percent increase.
Sales at warehouse club operator Costco rose 4 percent last month, weaker than the 4.7 percent increase Wall Street had expected.
Kohl's said its same-store sales in October rose 4.2 percent. Analysts were expecting ame-stores sales to increase 6.9 percent. Ttotal sales increased 11.4 percent to $1.25 billion for the four weeks ended Oct. 28.
Federated Department Stores reported a 7.7 percent rise in October same-store sales Analysts, on average, expected a same-store sales increase of 5.8 percent. Total sales at Federated were down 7.9 percent to $1.86 billion for the four-week period ended October 28.
J.C. Penney said its October same-store sales rose 8.1 percent, helped by strong demand for fall apparel and accessories. Analysts had been expecting an increase of 6.1 percent. The company’s total department store sales rose 11 percent to $1.3 billion for the four-week period that ended Oct. 28.
Dillard's said its October comparable stores sales decreased by 5 percent while total sales fell 3 percent to $474 million. Analysts were were expecting same-store sales to fall 1.9 percent for the month.
Sales at home furnishing seller Pier 1 Imports tumbled 13.7 percent last month.
