Department Stores Largely Miss Sales Expectations Thursday, November 3, 1:51 PM ET
Retail sales are one of the top stories in the stock market today, and many department store retailers missed analyst estimates.
Iconic department store Macy's (NYSE:
M) posted same-store sales growth of 2.2% in October, missing analyst estimates.
Rival Dillard's (NYSE:
DDS) reported an 8% increase in same-store sales in October, well ahead of analyst expectations.
J.C. Penney (NYSE:
JCP) missed analyst expectations as well, with a 2.6% decline in same-store sales.
At the value end of the spectrum, Kohl's (NYSE:
KSS) posted a 3.9% increase in October same-store sales, just ahead of estimates.
TJX) also beat expectations, with 3% same-store sales growth.
At the high end, Saks (
SKS) reported same-store sales growth of 1.8% in October, well below analyst estimates.
And Nordstrom (NYSE:
JWN) posted a 5.4% increase in October same-store sales, missing analyst estimates as well.
The Dynamic Retail Portfolio (AMEX:
PMR), in which Macy's is among the top five holdings, is trading down about 2.4% Thursday.
The Retail HOLDRS (AMEX:
RTH) is trading down about .6% today. And the SPDR S&P Retail ETF (AMEX: XRT) is trading down 2%.
For MarketNewsVideo.com, I'm Tracey Fitzpatrick.
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Department Stores Largely Miss Sales Expectations
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