The Economy that Stole Christmas
Every fall, retailers try to lower the bar for expectations of holiday performance. They warn of tough times and slow sales, and then cheer when -- surprise! -- things aren't all that bad on Dec. 26.
But this year is different. This year, retailers have legitimate reasons to worry, just like the rest of us. In a story this morning, I wrote about the real pressures that retailers are facing for the first time in nearly 20 years.
The industry reported additional sales numbers today that feed those worries. Abercrombie & Fitch said sales at stores open at least a year, a critical measure of a retailer's health known as same-store sales, were down 14 percent in September compared to the same month last year. TJX, which owns TJMaxx and Marshall's, dipped 1 percent. Gap plunged 11 percent.
Many retailers, including Wal-Mart and Target, reported their September figures yesterday because of the Yom Kippur holiday. All told, same-store sales rose a meager 1 percent in September compared to the same period last year -- the weakest growth for the month since 2001, according to the International Council of Shopping Centers, a trade group.
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Posted by: Greg Wilson | October 10, 2008 2:01 PM
Posted by: Peakfun | October 10, 2008 2:32 PM
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