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Cruel February

Shortest month is also stormiest for retailers

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Snowstorms kept shoppers out of stores in February. The result was that most major retailers posted sluggish sales, reported sharp declines or missed their targets.

“The weather was a factor in February, as well as difficult comparisons, but right in the mix is the weakening consumer confidence,” said Frank Badillo, a senior economist with Retail Forward. “It will play a factor into March and as long as uncertainty about the war lingers.”

The months ahead do not look much better. Some of the nation's largest retail organizations –Target and Sears, Roebuck, for example — forecast a lackluster March. And a late Easter holiday in April could curb sales that month. Furthermore, consumers worried about war and a sluggish economy are likely to defer big spending.

Following is a sample of retailers' February reports:

* Gap Inc. (San Francisco) said sales rose 8 percent, below the company's expectations;

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* Wal-Mart Stores (Bentonville, Ark.) reported total net sales up 9.2 percent; Wal-Mart stores' same-store sales were up 2.6 percent and Sam's Club up 2.4 percent;

* Target Corp. (Minneapolis) reported net retail sales (all divisions) increased 6.4 percent but same -store sales declined 1.4 percent; Target Stores sales were up 10 percent but same-store sales down 0.5 percent; Mervyn's stores were up 2.5 percent but same-store sales down 9.2 percent; and Marshall Field's department stores' sales were flat, and same-store sales down 1.8 percent;

* Nordstrom (Seattle) reported an increase of 2.4 percent in total sales and a decrease of 2.3 percent in same-store sales (in-line, the company said, with its expectations);

* Sears Roebuck (Hoffman Estates, Ill.) reported that February sales declined 7.9 percent and same-store sales decreased 9.4 percent;

* May Department Stores (St. Louis) reported preliminary net sales decreased 7.5 percent and same -store sales decreased 8.9 percent;

* Limited Brands Inc. (Columbus, Ohio) reported a 3 percent increase in net sales and a same- store sales decrease of 1 percent; same-stores sales were up 5 percent at Victoria's Secret stores and down 3 percent at Bath & Body Works, 7 percent at Express and 4 percent at Limited Stores;

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* J. Crew (New York) reported that same-store sales decreased 25.7 percent for the four weeks ended March 1, 2003;

* Charming Shoppes (Bensalem, Pa.) reported that total sales decreased 14 percent in February and same-store sales decreased 9 percent for the four weeks;

* Finish Line (Indianapolis) reported a 16 percent increase in net sales and a same-store sales increase of 10 percent;

* Family Dollar Stores (Matthews, N.C.) reported sales increased 13.7 percent in February and same-store sales increased approximately 2.8 percent;

* Dollar General Corp. (Goodlettsville, Tenn.) reported total retail sales increased 11.2 percent and same-store sales increased 2.5 percent;

* Abercrombie & Fitch (New Albany, Ohio) had a net-sales increase of 12 percent, but a same-store sales decrease of 4 percent;

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* Ann Taylor Stores Corp. (New York) said net sales decreased 0.9 percent and same-store sales decreased 8.6 percent;

* Michaels Stores (Irving, Texas) showed a total sales increase of 2 percent, but a same-store sales decline of 4 percent;

* Stein Mart Inc. (Jacksonville, Fla.) showed total February sales down 6.8 percent and same-store sales down 10 percent;

* Gottschalks (Fresno, Calif.) reported total sales decreased by 3.1 percent and same-store sales were down 1.6 percent;

* Mothers Work (Philadelphia) reported net sales increased 1.2 percent and same-store sales decreased 5 percent.

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