Is this just a blip on the radar I think it could be. The economy seems to be snapping back. The third-quarter GDP number was a blowout number. I don't think it will be that great in the fourth quarter, but consumer spending will hold through the holidays. Also, retailers will be benefiting from easier comparisons in November and December.
More Quotes from Ken Perkins:
Next month is the first time the company marks the anniversary of positive sales comparisons. From here on, the comparisons get increasingly difficult.Ken Perkins
I am very perplexed by these results. I had expected 50 percent of the 64 retailers that we track would have missed their sales forecasts. But two-third of that universe have beat so far.
Ken Perkins
We've finally got a great February. The first set of numbers indicates that this was a blowout month with the kind of sales gains that we haven't seen in a while.
Ken Perkins
There wasn't a lot of color offered in press releases this morning on this great performance, but given the number of retailers that indicated strong gift card sales over the holidays, it looks like there were some pretty strong gift card redemptions taking place in January. Warm weather appears to have helped drive traffic as well and it helped retailers sell spring merchandise at full price.
Ken Perkins
There's a deep concern that if this thing goes on, a lot of Christmas merchandise hitting the docks can't be transferred.
Ken Perkins
Fourth-quarter retail earnings are expected to grow 13.5 percent. That's below last year's growth and could come down further if we see plenty of promotions.
Ken Perkins
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