And now for some good news.
According to the article, The Buckle posted a 21% increase in February same-store sales, far above the 9% gain expected. Hot Topic reported that same-store sales rose 10.8%, more than double what analysts estimated. And Aeropostale reported that February same-store sales rose 11%, beating analyst expectations. The stores attributed the sales increase to new spring merchandise.
Unfortunately, most other apparel retailers didn’t fare well at all in February, but the results in most costs weren’t as bad as Wall Street had predicted.
Same-store sales at Abercrombie & Fitch Co. plunged 30% in February due to much weaker results at all its chains according to the article.
Limited Brands, which operates Victoria’s Secret and Bath and Body Works, posted a decline of 7%. Analysts expected a drop of 7.1%.
At Gap, same-store sales fell 12%; Wall Street had expected a decline of 15.5%.
It’s a good month when most retailers start beating Wall Street expectations. Does that mean we’re on the road to recovery. Not so fast. One month does not a turnaround make. Stay tuned.