April tells tale of two retail segments
Home & Textiles Today Staff -- Home Textiles Today, May 6, 2005
NEW YORK -- Soaring gas prices took their toll on those least able to afford them during April, and the pain was felt at the places where they shop, the nation's big discounters, where same-store sales dried up.
Driving home the point was Target Stores, where comps edged up just 1.3 percent, far off their 8.2 percent increase during March. Ditto Wal-Mart, where same-store sales were flat, crawling ahead 0.1 percent, compared with March's stronger gain of 4.3 percent. Hardest hit was ShopKo Stores, where same-store sales plunged 12.8 percent, worsening after a 3.6 percent drop the month before. But the rich will always be with us, unruffled by higher gas prices, and sales at luxury retailers continued to soar in April -- Neiman Marcus shooting up 14.2 percent; Saks Fifth Ave. up 7.1 percent; and Nordstrom gaining 6.9 percent.
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