October Retail Sales
The ICSC reported that chain-store sales gained 4.1 percent in October and sees November sales up 3.5-4.5 percent. Reuters noted that U.S. same-store sales were up 4 percent last month and Redbook's reported a slightly higher figure of 4.1 percent. According to Retail Metris, retail sales overall gained 3.7 percent versus the estimated 2.8 percent.
On the BenzingaPro Profeed Calendar, retail sales for Buckle (NYSE: BKE) gained 2.6 percent versus the estimated -1.80 percent. Other notable gains include Limited Brands (NYSE: LTD) 8 percent increase versus -2.5 percent estimate and an 8.8 percent increase by PriceSmart(NASDAQ: PSMT). On Benzinga's calendar, Zumiez (MCX: ZMZ) missed estimates by 0.2 percent at 1.2 percent gains and Abercrombie & Fitch (NYSE: ANF) reported a -14 percent loss.
Retailers noted that discounts and promotions helped drive traffic. Although many retail stores have stopped reporting monthly results, October is a transitional month. The back-to-school season is more correlated with holiday sales. J.C. Penney (NYSE: JCP) CEO Myron Ullman commented that, “We expect the holiday season to be very competitive.”
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.