U.S. retailers reported lackluster October sales on Thursday, with most of them, including Limited Brands, Gap, Target, Ross Stores, Nordstrom, Kohl's and Macy's, posting only modest increases at established stores.
The month of October is normally a breather between two strong shopping seasons, the back-to-school and the all-important holiday shopping that starts in November.
Retailers started of October with strong sales, but sales slowed in the second-half due to warmer weather and uncertainty about the upcoming U.S. presidential election.
Looking ahead, analysts predict November sales could be impacted by store closures and damages caused by Hurricane Sandy, which will cut into early holiday sales for retailers.
Again, the first half of the month could be slow due to the elections. However, sales could pick up toward the end of the month with Thanksgiving holidays, Black Friday deals and Cyber Monday online shopping coming up then.
Looking back at October's results, Target Corp. (TGT) reported a 2.4 percent increase in comparable store sales for the month, missing analysts' expectations of a 3.3 percent growth. Total monthly net retail sales grew 3.0 percent to $4.98 billion from last year.
Among department store chains, Macy's (M) reported that same-store sales for October increased 4.1 percent over last year, lower than the 3.1 percent growth analysts were expecting.
Meanwhile, Online sales, which is included in the same-store sales calculation, at macys.com and bloomingdales.com combined, increased 44.6 percent in October. Net sales also grew 3.6 percent to $1.91 billion.
Kohl's Corp. (KSS) reported a 3.3 percent increase in comparable sales for the month. Total sales also grew 4.6 percent year-over-year to $1.39 billion.
Kohl's also announced that it will no longer report monthly sales beginning with its 2013 fiscal year.
Off-price retailer TJX Cos., Inc. (TJX) reported that October comps were up 7 percent and total sales also increased 11 percent from last year to $2.1 billion.
"We believe the momentum we are seeing in all of our businesses, along with the exciting gift initiatives and marketing campaigns that we have planned, bode well for the holiday selling season," TJX CEO Carol Meyrowitz said in a statement.
Another discount retailer Ross Stores, Inc. (ROST) said October same-store sales increased 4 percent, missing Street estimates for a growth of 4.5 percent. Total sales rose 8 percent to $715 million from a year ago.
Fashion specialty retailer Nordstrom, Inc. (JWN) reported a 9.8 percent growth in same-store sales for October. Preliminary total retail sales also grew 11.5 percent to $835 million from last year.
Apparel retailer Limited Brands, Inc. (LTD), the operator of Victoria's Secret and Bath & Body Works chains, said its October comparable store sales rose 3 percent, reflecting strength of its Bath & Body Works chain. The result missed Street expectations of a 5.0 percent growth. Meanwhile, net sales declined to $611.0 million from $652.4 million last year.
Gap, Inc.'s (GPS) October comparable sales increased 4 percent, including the associated comparable Online sales, amid positive sales across its brands, except international. Street was looking for a 5.1 percent increase. Net sales grew 6 percent to $1.22 billion from a year ago.
Young women's chain Wet Seal, Inc. (WTSLA) stated its comparable sales declined 7.6 percent in the month, while analysts estimate was for a 11.0 percent drop.
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