There's a feeling that consumer spending could certainly get a boost as the first Fed rate cuts will have been in place for 8-9 months. And people will start receiving their checks from the tax rebate. Things are looking up for the retailers. I think the comparisons are looking better too.
More Quotes from Ken Perkins:
That's well above the long term average of 54 percent beating and 42 percent falling short of expectations.Ken Perkins
Weather transitioned from a major negative in May to a major positive in June,
Ken Perkins
The impressive part is that it's not just the luxury names posting strong numbers. The big numbers are coming in for the department stores and apparel names as well.
Ken Perkins
Sales of men's apparel has been lagging for some time. Men usually don't shop as frequently as women. When they do, there's only so much of casual clothes men really need.
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
One obvious explanation (for the weakness) is that investors are aware that Best Buy faces much tougher sales comparisons, particularly in the second half of the year. Looking at the numbers, second-quarter sales were up 7.8 percent, third-quarter sales rose 5.8 percent.
Ken Perkins
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