3134
stores visited this year.

It's not enough to rage against the lie.. you've got to replace it with the truth.

Refresh PornNewz for the latest stories!

PornNewz Goes out to Stores, Distributors and Interweb Nuts all over the freakin' place!!
Our advertising team visits stores around the country everyday!!

U.S. retail chains posted the worst monthly sales data in this decade as consumers stunned by a financial crisis that has derailed the U.S. economy cut spending sharply in October.

The results darkened prospects for what was already expected to be one of the worst holiday sales seasons in up to 20 years.
Wal-Mart Stores Inc stood out as one of the few bright spots. It posted a better-than-expected increase of 2.4 percent in October sales at U.S. stores open at least a year. Analysts had expected a 1.6 percent rise, according to Thomson Reuters data.
Wal-Mart’s results were a sharp contrast to other discounters like Target Corp and Costco Wholesale Corp, which both reported larger-than-expected same-store sales drops. Department store chains like Nordstrom Inc and specialty clothing retailers like Abercrombie & Fitch were among those hit hardest.
Shoppers have clamped down on buying discretionary items like clothes or computers and in some cases are carefully planning purchases of the most basic necessities, like baby formula.
Thomson Reuters said its October same-store sales index fell 0.7 percent, worse than its estimate for a 0.3 percent drop. The results marked the weakest reading since it began collecting same-store sales data in 2000.
To win more market share during the crucial holiday selling season, Wal-Mart said it would introduce new price cuts every week until Christmas, reducing prices on thousands of items, such as toys and food.
Wal-Mart Chief Marketing Officer Stephen Quinn told Reuters that the new initiative “takes the intensity up massively” on price cuts declared last month on popular toys.
The company’s shares rose 0.9 percent, outperforming a 1.7 percent decline in the Standard & Poor’s Retail Index.
While Thanksgiving weekend later this month traditionally marks the start of the holiday shopping crush, other retailers were already introducing discounts and sales to spur early buying.
ANNTAYLOR, TALBOTS RESTRUCTURE
In a fresh sign of trouble, women’s apparel retailers Talbots Inc and AnnTaylor Stores Corp said they would restructure operations after posting steep sales drops.
“The dramatic deterioration in both the financial markets and the macroeconomic environment in September and October has put additional pressure on the retail industry, in general, and the women’s apparel sector, in particular,” Ann Taylor Chief Executive Kay Krill said in a statement.
Analysts had expected weak October sales after the financial crisis that began in the United States in September swept across the globe, stoking fears of a deep recession.
The crisis had even higher-end shoppers paring back. Same-store sales fell 16.6 percent at upscale department store operator Saks Inc and dropped 15.7 percent at peer Nordstrom.
Saks said its shoppers were buying discounted items instead of full-priced merchandise, hurting its margins in the just-ended and current quarters.
At high-end teen apparel chain Abercrombie & Fitch, which has said it would not lower prices in an effort to maintain the status of its brand, same-store sales fell 20 percent, worse than the 14.4 percent drop analysts expected.
October marked the sixth straight same-store sales drop for Abercrombie.
AnnTaylor shares slid 24 percent, Talbots lost nearly 9 percent. Saks rose 0.7 percent, and Abercrombie was up 1.7 percent.
COSTCO STUMBLES
The tough environment even dragged down Costco, the largest U.S. warehouse club operator.
Besides discount retailers, warehouse club operators like Costco had prospered this year by attracting shoppers looking for discounts on bulk-sized packages of paper towels, food and electronics.
But Costco’s October same-store sales fell 1 percent, hurt in part by fewer purchases of discretionary items like computers, toys and jewelry. Thomson Reuters said the results were the worst since it began collecting estimates for Costco in 1997.
Competitor BJ’s Wholesale Club Inc said October same-store sales rose 10.2 percent, helped by strong sales of gasoline at its fuel stations.
Target’s same-store sales fell 4.8 percent, worse than the 2.8 percent drop forecast by analysts.
“We expect the recent challenging sales environment to continue into the holiday season and beyond,” Target CEO Gregg Steinhafel said in a statement.

The discount retailer forecast a drop of 6 percent to 9 percent in November same-store sales.

Article HERE


Comments

Name (required)

Email (required)

Website

Speak your mind

Our Title

Industry Resources

Our Sponsor

Sponsor Links

Clickable version of PornNewz newzletter!!

To advertise with us: