Clothing retail stocks are on the down side during Thursday's trading after several companies reported their August sales numbers.
TJX Companies Inc. (TJX) stock is posting one of the sharpest losses falling about 6%, while shares of Abercrombie & Fitch Co. (ANF) have dropped about 5%.
By 1:10 pm Eastern Time, shares of TJX were down $2.36 to $34.43 a share, while Abercrombie stock was down $3.03 at $51.68.
Other stocks in negative territory include Pacific Sunwear of California, Inc (PSUN), Gap Inc. (GPS) and Aeropostale Inc. (ARO).
"So far, (the retail sales reports) are not spectacular, with some blaming hurricanes but most say that consumers are simply being frugal this back-to-school season," said FTN Financial analyst Chris Low. "It does not bode well for the holidays. When people are frugal in August and September, they tend to cut back around Christmas, too."
On the other hand, shares of American Eagle Outfitters Inc. (AEO) are above the unchanged line, with American Eagle stock rising about 4% as the company also reaffirmed its third quarter earnings outlook.
Also on the upside are shares of Wal-Mart Stores Inc. (WMT), whose selection of goods includes many core items instead of just concentrating on clothing.
Wal-Mart announced a 3.5% increase in August comparable store sales with fuel, while Comps excluding fuel increased 3%. Net sales for the four week period increased 8.7% to $30.667 billion compared to $28.222 billion a year ago.
TJX Companies announced that its consolidated comparable store sales for the four-week period ended August 30, 2008, were flat.
The company noted that foreign currency exchange rates negatively impacted its August comparable store sales by nearly 1% point, which was unanticipated.
Abercrombie & Fitch said Thursday its total sales for the month of August fell 5% to $405.5 million from $425.4 million last year, with 11% drop in total company same-store sales. Total Company direct-to-consumer net sales slid 8% to $18.9 million for the month.
The company said its Abercrombie & Fitch comparable store sales were down 5%, while Abercrombie comparable store sales decreased 17% and Hollister Co. comparable store sales declined 14%. Comparable store sales for RUEHL dropped 25% for the month.
Pacific Sunwear reported that same-store sales for the four weeks of fiscal August ended August 30, 2008 decreased 6%.
Total PacSun sales for period were $163.1 million, down 4% from $170 million in the same period last year.
Gap announced an 8% decline in comparable store sales for August. Sales for the month were down 5% at $1.14 billion from $1.20 billion in the prior year.
For the year-to-date period Comps were down 10%, while net sales declined 5% to $8.02 billion from $8.43 billion in the prior year.
Aeropostale posted August net sales of $207.9 million, up 24% from $168.2 million in the prior year period. The company's same store sales for the month increased 13%.
Year to date total net sales rose 22% to $921.4 million from $755.2 million in the year ago period. Year to date same store sales increased 11%.
American Eagle announced that comparable store sales for August decreased 5%, compared to a 9% increase for the same period last year.
Total sales increased 3% to $320.0 million from $311.3 million in the year-ago month.
The company maintained its third quarter earnings guidance of $0.31 to $0.36 per share, compared to $0.45 per share last year. Analysts polled by First Call/Thomson Financial expect the company to earn $0.35 per share for the quarter.
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