Due to the Yom Kippur holiday tomorrow, a number of retailers are reporting September same store sales a day early.
In general, discounters (ex-Target) outperformed, so Wal-Mart,Costco,BJs, and Fred'sall did fairly well.
The high end stores like Nordstromand Saks posted same store sales well below expectations (down 9.6 and 10.9 percent, respectively).
A number of stores guided below expectations: Nordstrom, Kohls, JC Penney, and Target.
The stocks are trading down, but only slightly. That's because the Street has widely assumed that analysts have been behind the curve cutting retail estimates; the Street has been cutting stock prices in anticipation of this.
Teen and specialty retailers will report tomorrow.
- Retailers Post Weak Sales Despite Deep Discounts
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