October Comps Continue September Slowdown
October 20, 2008,
With same-store sales continuing at a sluggish pace in the third month of the third fiscal quarter, some retailers were faced with the need to readjust earnings projections, the Johnson Redbook reported.
As for the week ended Saturday Oct. 11, Levis noted, "Conditions were described as broadly similar to those of recent weeks, which have been characterized by weak demand for seasonal apparel with sales supported by basic consumables such as food."
This merchandise contrast is reflected in the poor performance by softlines-heavy department stores.
October comps are tracking 1.2% below September, compared to a targeted 1.0% drop. The four-week October retail month will end on Nov. 1.
Johnson Redbook Index
First week of October, year-over-year % change
|*Including chain stores and traditional department stores
Source: Johnson Redbook Index