Milli Vanilli might “Blame It On The Rain” but retailers are singing "Blame It On the Sunshine!"
Warm weather in the Northeast is being cited as the cause of lackluster December sales. CNBC’s Margaret Brennan sifted through the numbers with Liz Claman on today’s “Morning Call.”
Here’s Margaret Brennan’s report.
Sales were not as robust as expected during what is usually the strongest spending period of the year. We knew to expect that same store sales would come in a point or two light in December and that's what we're seeing. Of those who have reported so far, according to those surveyed by Thomson Financial, 46% beat estimates and 54% missed estimates.
At Target , same store sales rose 4.1.% in December just missing 4.5% estimates.
Wal-Mart reported a sales gain of 1.6%, not as bad as the company expected (electronics sales helped growth there).