Monthly Comp Store Sales Prove Disappointing For Many Retailers

 

The start of the much anticipated holiday shopping season will likely be viewed as disappointing by many of the nation’s leading retailers as several chains reported declines in same-store sales for November.

Chains reporting declines in comparable store sales included Dillard’s, -11%; Stein Mart, -7.2%, The Bon-Ton stores, -6.4%; Macy’s, -6.1%; JC Penney, – 5.9%; Fred’s, -3.3%; Target, -1.5%; and Rite Aid, – 0.8%. In addition, luxury retailers also were negatively impacted by slow sales. Neiman Marcus Group reported a sales decline of -7.5% and Saks, Inc. monthly comp sales were down 26.1%.

Retailers reported sales growth for the month included TJX, 8%; Costco, 6%; Kohl’s, 3.3%; Family Dollar, 2.4%; and BJ’s, 1%.