Weak Retail Results for October Same-Store Sales



NEW YORK—The major U.S. retail chains tracked by HFN posted lackluster results for October.

Indicating how limp a month it was for the chains, both the TJX Cos. and Kohl’s—which have been logging consistently strong results over a long stretch—had a very forgettable October. TJX’s consolidated same-store sales were flat last month compared with October of 2009, while Kohl’s comparable-store numbers fell 2.5 percent.

Among the other department stores, J.C. Penney’s comp-store sales dropped 1.9 percent, while Dillard’s slipped 1 percent. Only Macy’s, among the department stores followed by HFN, registered an increase, tacking on 2.5 percent to its same-store sales last month.

The other discounters in HFN’s tracking fared somewhat better. Target’s same-store sales were up 1.7 percent. Among the warehouse clubs, BJ’s Wholesale Club reported a same-store increase of 2.2 percent (3.7 percent when factoring in gasoline sales), and Costco’s same-store count rose 3 percent (4 percent when gas was added in).

Commenting on her company’s results, Carol Meyrowitz, TJX’s president and chief executive officer, said the flat same-store sales number was expected, given the fact that TJX achieved a 7 percent rise in October of last year and the unseasonably warm weather early last month, which “was not conducive to shopping for cold-weather apparel,” Meyrowitz said.

Posted in News, Retail.

Last updated: November 4, 2010