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Title: Retailers' Sales Rise Most in 4 Years, Overcoming Job Concerns
Source:
Bloomberg
URL Source: http://Bloomberg
Published: Jul 7, 2010
Author: Bloomberg
Post Date: 2010-07-07 16:10:13 by go65
Keywords: None
Views: 5279
Comments: 30
U.S. retailers’ sales are growing at the fastest pace in four years, a sign consumers may be overcoming concern about unemployment and depressed home values. Sales probably expanded at an average monthly rate of 4 percent in the first five months of the retail fiscal year that began Jan. 31, the biggest gain since 2006, the International Council of Shopping Centers trade group said in advance of its June report tomorrow. Nordstrom Inc. and Kohl’s Corp. are among chains that will report June sales increases at stores open at least a year, according to analysts’ estimates. Retailers may have bucked last month’s drop in consumer confidence that threatens to temper the rebound. The year-to- date growth in sales shows that spending, a key driver of the U.S. economy, is faring better than many investors are betting, said Michael Niemira, the New York-based ICSC’s chief economist. “The sales results have been uneven, which makes people worry about the recovery,” Niemira said in a telephone interview. “If you look at the underlying growth rate, it suggests a relatively healthy, moderate pace of spending for the remainder of the year.” In the current fiscal year, the ICSC’s monthly number swung as high as 9 percent in March, then receded to a 0.8 percent gain in April, partly because of an earlier Easter. June sales probably came in at the high end of a projected 3 percent to 4 percent range, the ICSC said today. Luxury, Wholesale The sales growth has been driven by a 4.2 percent increase at wholesale clubs, excluding gasoline sales, and an 8 percent jump at luxury chains this year, according to the ICSC. Wealthy consumers tend to “come out of hibernation” first after a recession, and the clubs are luring value-seeking customers, Niemira said. “Our customers in the U.S. are feeling more confident than a year ago, tied to improved levels of net worth,” Tiffany & Co. Chief Financial Officer James Fernandez told an investors’ conference June 30. “It’s probably also true, and not surprising, that economic issues and stock-market volatility still affect consumer psychology.” The potential spoiler remains a lack of U.S. jobs. Employment fell in June for the first time this year, reflecting a drop in federal census workers and a smaller-than-forecast gain in the private sector, the Labor Department said July 2. Unemployment was one reason Deborah L. Weinswig, a retail analyst at Citigroup Inc., lowered her stock price forecasts and earnings estimates for Macy’s Inc. and other retailers. “We are tempering our outlook for retail sales for the back half of 2010 based on mounting pressures against the consumer,” the New York-based analyst wrote in a July 5 report. She also cited a lack of consumer credit, less home equity, and tax increases. Wary Investors The Standard & Poor’s 500 retail index rose 0.1 percent at 9:43 a.m. today. The 31-member index declined 6.7 percent this year before today after surging 47 percent in 2009. “Investors seem to have given up on the consumers,” Bill Dreher, an analyst with Deutsche Bank AG in New York, said on a July 1 conference call with clients. “Most of our retail operators are very bullish.” June sales reports will meet or beat analysts’ estimates, and the positive comparable-sales trend will continue, Dreher predicted. Retailers are well-positioned for profitability, with inventories and operating expenses tightly controlled, he said. Nordstrom will report a same-store sales increase of 11 percent for June and Kohl’s and Macy’s will post gains of 8 percent, Dreher estimated. Consumer spending accounts for about two-thirds of the U.S. economy. The Conference Board’s confidence index slumped to 52.9 in June from a revised 62.7 in May, the New York-based private research group said June 29. Same-store sales are a key indicator of a retailer’s growth because they exclude results from new and closed locations. Year-Earlier Declines The chains’ numbers don’t tell the whole picture because some retailers, including Wal-Mart Stores Inc., the world’s largest, and New York-based Tiffany, don’t post figures monthly, and the reports don’t include all spending online. The industry’s latest gains look better partly because they are coming off steep declines a year earlier, and while the growth rates have improved, many retailers haven’t recovered their earlier sales volumes, Niemira said. Sales in 2010 will grow 3.5 percent to 4.5 percent at the more than 30 chains it tracks, the ICSC predicted in mid-May, faster than its January projection of 3 percent to 3.5 percent. An increase within the latest forecasted range would be the largest since 2006. Those sales dropped 1.6 percent last year. “These growth rates are the best we’ve seen in several years, after a multiyear slump,” Craig Johnson, president of Customer Growth Partners LLC, a consulting firm in New Canaan, Connecticut, said in a July 2 telephone interview. “Some of the analysts get caught up in the month-to-month comparable sales, and they can be misleading.”
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#1. To: no gnu taxes, badeye, mudboy slim, war, fred mertz, skip intro, brian s, (#0)
And if weren't for Obama, they would be growing even faster!!!
While I'm waiting for word on my father-in-law, thought that you might find this interesting...
This is what happens when you smoke crack and then write for Bloomberg.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
yes badeye, if only everyone would run every bit of news by you first for fact checking, then we would actually believe that Exxon and Mobile [sic] are two companies and Shell is based in the U.S. And the unemployment rate doubled since Obama took office And all the other crap you post.
GOP is right to cut benefits. DOW is up. Little if any unemployment. Cars sales way up. Housing starts break all records.
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This economy is getting worse, not better. And your boy's policies are at the heart of it.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
A link to the article: http://www.bloomberg.com/news/2010-07-07/u-s-retailers-sales-increase-most-in-four-years-overcoming-job-concerns.html Being a democrat means others have to carry you to your reality.
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Compared to earlier in the week. Its down 4,000 from its peak. But in the world of liberals, this is 'great news'. Never mind record numbers of unemployed Americans, record foreclosures, and record bankruptcy's. The Dow went up today! Yippeee! Course GO65 wasn't posting the other day when it dropped 150 points....
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
probably. That's affirmative action speak.
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Who is Fred Johnson, Whiney? There's no reason to call Obama "Odinga", Whiney. You're an effete Cow Tipper, Whiney.
I am being sarcastic. Every day form the MSM and Odinga-and-the-Oilers we hear ,"all is great". Then they (democrats) certainly don't need benefits any longer!
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I know.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
It closed today over 10,000. it closed at 8279 on Bush's last day in office. Now go ahead and tell us that 10,000 is less than 8,279.
I'm not the one looking ridiculous citing the stockmarket today, after yesterday disparaging any notion it had any relevance to the economy. (laughing) Owe-bama economics are failing, GO65. Its why your side gets its ass kicked come November, and why this clown is a one term failure, ala Carter. Have a good evening.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
10,000 > 8279 Exxon and Mobile [sic] are one company
Doesn't change the above. You only confirm you know its true.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
"And if weren't for Obama, they would be growing even faster!!!" Interesting realization/declaration on yer part, GO65...imho, it oughtta be increasingly clear to most folks that being anti-Dubyuh (and his BigSpending & over-reaching Agenda) ought not automatically signify an approval of the RAT- Messiah's BigSpending/Marxist Agenda. To join the chorus of folks who understand that the ObamaNation's agenda must be defeated does NOT mean you necessarily need to see the Pubbies as our ultimate saviors. BOTH Parties got America in this mess fer selfish, self-aggrandizing reasons, but it's gonna take a unified effort by WeThePeople to muster the necessary power required to turn this ship of state around...MUD
"Devolve Power Outta the Federal Leviathan and Back to the States, Heck yeah, we've been dolin' out far too much in the way of FreeGuv'mentCheeeze fer far too many years. If you want something, RATS, git a REEEAL--non- FederalBureaucRAT--JOB and earn it fer yerself...it's the friggin' American way, you lazy, whinin' LEECHES!! Sheeesh, I'm sick of the Left and their friggin' guilt trips and victim-card- playin'...MUD
"Devolve Power Outta the Federal Leviathan and Back to the States, Hey there, ol' timer...since yer apparently starting to see the ObamaNation fer what it is, will you look again at yer jobs graph? Have you checked the economic indicators against the gradual realization from Wall Street that America was in the process of electing a full-fledged Marxist ideologue as POTUS? That's why the economy started to hit the skids even before Obama moved into the Oval Office and started implementing his BigGuv'ment-promotin', economy-killing Marxist Agenda, imho. You do realize that the Bush economy didn't start to gasp fer air until about 2007, right? I think you need to look at the economy as a function of when the Pelosi-led Congress took control...RATS murdered the Bush Economy--ON PURPOSE--and RINOS helped them with their timidity and focus only on retaining their seats of Power...MUD "Devolve Power Outta the Federal Leviathan and Back to the States, it closed at 8279 on Bush's last day in office." I'm tellin' ya, GO65, Dubyuh was a disappointing waste of a two-term Presidency in terms of devolving Power outta DeeCee, but the economy didn't really start heading south until we started implementing the Pelosi-RAT agenda in 2007- 2008. Then, when it became increasingly-apparent that a majority of Americans were so pissed off at Dubyuh that they were about to elect a full-fledged Marxist IDEOLOGUE to the Presidency, wise businessfolks started buckling down for weathering the anti-Capitalist blizzard of Leftist BigGuv'ment legislation that we've witnessed ever since Obama took over. Socialism FAILS each and every time it is attempted, my friend... "Devolve Power Outta the Federal Leviathan and Back to the States, Exactly.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
What "agenda" was that Mudd? What major piece of "economic" legislation was passed? The dems were elected in 2006...the Dow hit it's high 11 months later. The mechanism of doom for this economy was put into place in 2003 when we invaded Iraq and CUT taxes...
Spend spend spend...borrow borrow borrow...both Dubyuh and Obama did it/are doing it and it has been an abysmal failure. Keynesianism is simply an excuse fer Obama's Marxist Agenda...if you knew a lick about economics, you'd realize that...MUD
"Devolve Power Outta the Federal Leviathan and Back to the States,
I think you are pinging a dead guy bro...(chuckle)
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Wouldn't be the first time, my friend...MUD
"Devolve Power Outta the Federal Leviathan and Back to the States, Now that the numbers are in , the paid for "probably" never materialized. And cant as long as Odinga and the Oilers are in. http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=11097
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We are so used to being LIED to by those in authority that it doesn't even phase us anymore...MUD
"Devolve Power Outta the Federal Leviathan and Back to the States, The ICSC's index is different from the retail sales number. The ICSC's gauge is limited to shopping center sales.
Nope sure hasn't.
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U.S. retailers’ sales are growing at the fastest pace in four years, a sign consumers may be overcoming concern about unemployment and depressed home values.
Being a Republicans means you get to choose your own reality
#2. To: WhineyStands (#0)
#3. To: go65 (#0)
#4. To: Badeye (#3)
This is what happens when you smoke crack and then write for Bloomberg.
Being a Republicans means you get to choose your own reality
#5. To: go65 (#0)
Toss: ADL,CAIR and the Vatican into the pit they belong in.
#6. To: go65 (#4)
#7. To: go65 (#0)
Toss: ADL,CAIR and the Vatican into the pit they belong in.
#8. To: WhiteSands (#5)
DOW is up.
#9. To: Badeye (#8)
Sales probably expanded at an average monthly rate of 4 percent in the first five months
Toss: ADL,CAIR and the Vatican into the pit they belong in.
#10. To: WhiteSands (#9)
(Edited)
#11. To: Badeye (#8)
Toss: ADL,CAIR and the Vatican into the pit they belong in.
#12. To: WhiteSands (#11)
#13. To: Badeye (#8)
Its down 4,000 from its peak
Being a Republicans means you get to choose your own reality
#14. To: go65 (#13)
#15. To: Badeye (#14)
Owe-bama economics are failing, GO65. Its why your side gets its ass kicked come November, and why this clown is a one term failure, ala Carter.
Being a Republicans means you get to choose your own reality
#16. To: go65 (#15)
#17. To: go65 (#1)
"U.S. retailers’ sales are growing at the fastest pace in four years..."
Localities, and Individuals as Prescribed in the US Constitution."
#18. To: WhiteSands, Badeye, GO65 (#5)
"GOP is right to cut benefits."
Localities, and Individuals as Prescribed in the US Constitution."
#19. To: go65 (#15)
Localities, and Individuals as Prescribed in the US Constitution."
#20. To: go65 (#13)
"It closed today over 10,000.
We MUST Defeat the ObamaNation...MUD
Localities, and Individuals as Prescribed in the US Constitution."
#21. To: Mudboy Slim (#20)
but could you please check and see what the DOW was at in November 2006, just BEFORE the Pelosi-led RATS took over control of BOTH houses of Congress?
#22. To: Mudboy Slim (#20)
but the economy didn't really start heading south until we started implementing the Pelosi-RAT agenda in 2007- 2008.
#23. To: war (#22)
"What major piece of "economic" legislation was passed?"
Localities, and Individuals as Prescribed in the US Constitution."
#24. To: Mudboy Slim (#23)
What major piece of "economic" legislation was passed?
#25. To: Mudboy Slim (#23)
There are no posts with the given search criteria.
#26. To: Badeye (#25)
Localities, and Individuals as Prescribed in the US Constitution."
#27. To: go65, BAdeye, Mudboy Slim (#0)
June sales probably came in at the high end of a projected 3 percent to 4 percent range, the ICSC said today.
Toss: ADL,CAIR and the Vatican into the pit they belong in.
#28. To: WhiteSands (#27)
"...the paid for "probably" never materialized."
Localities, and Individuals as Prescribed in the US Constitution."
#29. To: WhiteSands (#27)
Now that the numbers are in , the paid for "probably" never materialized.
#30. To: Mudboy Slim (#28)
"...the paid for "probably" never materialized."
Toss: ADL,CAIR and the Vatican into the pit they belong in.
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