August 2009 Same-Store Sales: Not Good, But 'Less Worse'

Over 30 retailers reported monthly sales results for August over the past two days. While many areas of the economy have been showing relative improvement over the past few months, there have been few bright spots in retail. However, August results provide some hope that things are finally starting to turn around.

Overall sales at the 33 retailers we track decreased 0.4% to $30.054 Billion in August, while same-store sales declined 2.5%. Retailers have now seen same-store sales declines for 12 consecutive months. However, this was the least negative comp sales decline since April.

The month included sales tax holidays in 15 states and a heavy dose of back-to-school promotions, but it was not enough to significantly boost top-line results at many of the retailers who reported. With Labor Day falling a week later in September than last year, much of the last minute back-to-school shopping will be pushed to September from August. In addition, September 2008 was the first month retail sales began to tumble, so retailers will be up against much easier comps beginning in September.

We will be sifting through the reports and updating individual company pages all day, and the complete monthly report will be available by the weekend.

Apparel & Accessories Stores:

Company	Net Sales	Net Sales Chg	Same-Store Sales Chg
Abercrombie & Fitch	$313.9 Million	-23.0%	-29.0%
Aeropostale	$241.7 Million	16.0%	9.0%
American Apparel	N/A	N/A	-20.0%
American Eagle Outfitters	$307.7 Million	-4.0%	-7.0%
Buckle	$84.5 Million	9.0%	3.6%
Cato	$59.0 Million	6.0%	5.0%
Children’s Place	$138.7 Million	-4.0%	-8.0%
Destination Maternity	$43.8 Million	-2.1%	-10.6%
Gap	$1.120 Billion	-2.0%	-3.0%
Hot Topic	$66.6 Million	-7.0%	-8.1%
Limited Brands	$561.4 Million	-4.6%	-4.0%
Stage Stores	$111.0 Million	-7.4%	-9.5%
Stein Mart	$76.1 Million	-12.3%	-8.9%
Wet Seal	$50.5 Million	-8.9%	-11.2%
Zumiez	$51.7 Million	-2.9%	-12.1%

Department Stores:

Company	Net Sales	Net Sales Chg	Same-Store Sales Chg
Bon-Ton	$197.0 Million	-4.8%	-5.1%
Dillards	$431.1 Million	-14.0%	-12.0%
JC Penney	$1.428 Billion	-5.6%	-7.9%
Kohl’s	$1.315 Billion	4.8%	0.2%
Macy’s	$1.543 Billion	-8.5%	-8.1%
Neiman Marcus	$241.0 Million	-15.3%	-16.6%
Nordstrom	$541.0 Million	-3.0%	-7.6%
Saks	$160.8 Million	-18.2%	-19.6%

Discount & Variety Stores:

Company	Net Sales	Net Sales Chg	Same-Store Sales Chg
BJ’s Wholesale	$757.6 Million	-1.9%	-6.0%
Costco	$5.4 Billion	0.0%	-2.0%
Duckwall-ALCO	$33.1 Million	-4.0%	-4.2%
Fred’s	$128.0 Million	-1.0%	-1.4%
Ross Stores	$557.0 Million	11.0%	6.0%
Target	$4.856 Billion	0.1%	-2.9%
TJX Companies	$1.60 Billion	6.0%	5.0%

Drug Stores:

Company	Net Sales	Net Sales Chg	Same-Store Sales Chg
Rite Aid	$2.395 Billion	-3.2%	-1.9%
Walgreen	$5.228 Billion	6.8%	1.9%

Disclosure: No Positions

Comments

[conceptwizard:]

Its interesting to note the lifestyle changes of US citizens as they increase savings and deal with lower average earnings and weekly hours.
Aeropostale and Kohl's with its quality products with lower end pricing does very well. While the higher end market suffers. Good note on a stock pick which brands are recession proof.

Disclosure I shopped at both of these stores for back to school for my son.

I might add that a less negative report is not very good on a normally high "going back to school" month.

If this is an indication a all it will be that christmas sales will also be very low.

The consumer is picking the stores with the best prices for the quality. They are buying what they need not what they want.

Sep 03 10:32 AM

[SmartStops.net:]

This is indicative of the fact the consumer is holding onto his wallet and spending only on essentials. That too, the consumer is shopping around and choosing discount retailers to shop at.

smartstops.blogspot.co...

Sep 03 03:54 PM

[cbc:]

Nice article, facts with no spin. Not a really pretty picture considering back to school and tax holidays in 15 states. On the tax holiday note, not pretty for state revenues either.

Sep 03 06:10 PM

[robert.b.fe...:]

Good article, concise and informative. Seems like Dick and Jane may be going off to school with last years back pack.

Sep 03 06:45 PM

[lookingsouth:]

Good article. It's hard to any signs of real traction for the economy in the Aug. sales figures. I'd add to this poor retail sales data that, despite generous govt incentives and the return of dealer rebates, discounts and cheap credit, GM and Chryslers August sales were just awful. They seem to be doomed to fail. Thousands more auto workers will lose jobs or have thier hours cut back, and those retail store sales will take another hit. Gotta find a way to break this cycle.

Sep 03 11:11 PM

[MikeD71:]

"Not good, but less worse."

Isn't that what this entire "recovery" is built on? Sad state of affairs when anything short of disastrous is...good.

Sep 04 08:33 AM

[bminfo247:]

Back to school clothing retailers may not fare so well amidst the current market conditions, but analysts are predicting that September will be the most important sales month for women. Yahoo Finance has the read:
finance.yahoo.com/news...

Sep 11 10:46 AM