April Retail Sales Follow Up
5/9/2008
Slowing discretionary consumption, tied of course to an array of macroeconomic related factors, has caused rather dour comparable store sales (comps) results year to date. Those retailers who failed to properly forecast demand and align inventory accordingly in 2H07 are paying for the lack execution in the form of profit eroding markdowns. April industry comps were surely encouraging, especially from specialty apparel retailers, as a hitch in the calendar (shift of Easter holiday) and favorable weather led to upside versus consensus readings. Many retailers in our coverage universe upwardly revised their 1Q08 earnings per share guidance, owing to stronger merchandise margins, though a few firms expressed caution. WSS Coverage Universe Overview: April 2008
Wall Street Strategies
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