Retailers - Notable Standout on New High List
Retailers a notable standout on the new high list today: Macy's , Ross Stores , TJX , Home Depot , Liz Claiborne , even Pier One !
Pier One has been on the greatest roller-coaster ride of all, going from an historic high of $26 in November 2003 to $0.10 (!) in March 2009, back to over $14 today.
Warm weather hurt sales in December. Sales were fair but not great, with lots of discounting.
Total sales up 3.6 percent for December, according to RetailMetrics, a bit above the estimate of 3.3 percent. Soft sales of cold weather merchandise impacted sales.
Citi noted that each week of December was warmer compared to the same week in the prior year, and estimates that warm weather knocked 1 to 1.5 percentage points off of December same store sales.
January will be the test of this hypothesis. Citi estimates same store sales should be up a strong 5 percent, largely due to the fact that the weather has turned colder. Well-managed inventories will also help.
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