Major Retailers Still Reporting Extremely Negative Comp Sales
Here are some same store sales numbers for major retailers reporting yesterday and today:
- JC Penney (JCP) same store sales down 7.5% in the quarter ended May 2, 2009 (JCP Earnings Release).
- Nordstrom’s (JWN) same store sales down 13.2% in the quarter ended May 2, 2009 (JWN Earnings Release).
- Abercrombie & Fitch (ANF) same store sales down 30% in the quarter ended May 2, 2009 (ANF Earnings Release).
Are these the kind of numbers that justify 60%-100% moves in these stocks over the last 2 months????
Disclosure: Top Gun is short Nordstrom’s (JWN) and has no position in JCP or ANF.