The data’s decline is now to the point where the cheerleaders have nothing left to spin:
"Wal-Mart said it expects its October sales at stores
open at least a year, or same-store sales, to increase just 0.5%. That
is short of the 2% to 4% increase the company forecasted early in the
month, and would mark the slimmest gain it has reported since December
2000. Wal-Mart saw a 0.3% increase at its namesake stores and a rise of
2% at its Sam’s Club locations in October. The company said it expects
flat U.S. same-store sales for November. Shares declined 1.4% in
Bloomberg noted the Wal-Mart forecast is for the "worst
results in more than 10 years." But its not just Wal-Mart:
"According to Thomson Financial, based on 50 merchants
that have reported same-store sales so far on Thursday, 28 retailers
had results that missed expectation; 22 beat estimates.
"There are some signs of strength in these reports,
but clearly there were more companies missing expectations," said Ken
Perkins, president of RetailMetrics LLC, a research firm in Swampscott,
Mass, who said he was surprised by the results."
Its all good. Back out the companies that missed expectations, and there is lots of strength in retail.
I don’t know what to make of this chart, but the colors sure are purty:
Wal-Mart Outlook May Damp Holiday
As Retailers Post Mixed October Sales
WSJ, November 2, 2006 9:19 a.m.
Retail sales sputter
Specialty retailers a mixed bag; sales choked at Wal-Mart
Pier 1 suffers another double-digit decline.
Parija B. Kavilanz
CNNMoney.com, November 2 2006: 8:39 AM EST
Wal-Mart Expects Unchanged November Same-Store Sales
Bloomberg, November 2, 2006
Retailers miss the mark on October sales
Wal-Mart weighs on results; department stores stage a comeback
MarketWatch, Nov 2, 2006, 11:03 AM ET
I stumbled across a fascinating new blog: David Lereah Watch. Here’s the description: “David Lereah is the Chief Economist and Senior VP of the National Association of Realtors (NAR). Mr. Lereah regulary makes statements regarding the housing bubble. The media regulary turns to him for real estate quotes. He is very influential. Mr. Lereah tells…Read More