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Share Name | Share Symbol | Market | Type |
---|---|---|---|
LandBridge Company LLC | NYSE:LB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.91 | -6.13% | 29.25 | 32.09 | 28.019 | 31.16 | 589,818 | 00:22:37 |
(Adds results from discount apparel chains, Target and department stores.)
DOW JONES NEWSWIRES
The vast majority of retailers reporting November same-store sales missed analysts' muted expectations after last year's plunge, and the industry as a whole may even post results below prior-year levels.
The performance comes after what many viewed as a mixed kickoff to the holiday shopping season, with shoppers on average spending 7.9% less than the Black Friday weekend of 2008, according to the National Retail Federation. In general, lower-priced items were favored.
That continues a trend of less-expensive retailers, be they discounters or lower-priced apparel sellers, outperforming other chains the past year. But Costco Wholesale Corp. (COST) saw weakness in November after two months of solid growth, as same-store sales were flat in the U.S. excluding gasoline for the warehouse club. Its shares fell 2.7% premarket.
Smaller rival BJ's Wholesale Club Inc. (BJ), which has been outperforming Costco of late, also reported weaker-than-expected results with its 1% growth. Its stock dropped 2.2%.
But discount-apparel chains TJX Cos. (TJX) and Ross Stores Inc. (ROST) continued their recent strength with both reporting 8% increases, though TJX's gain was less than forecast by analysts.
This November's results follow last year's 7.8% slump, excluding Wal-Mart Stores Inc. (WMT), according to Thomson Reuters, as the stock market swooned. Wal-Mart stopped issuing monthly sales figures earlier this year.
A modest 2.1% increase was expected for this November, but more declines were seen for the teen/child and department-store segments. Ahead of the last retailers to report, Thomson Reuters said sales were tracking around break-even.
Among department stores, Kohl's Corp. (KSS) had a 3.3% climb in same-store sales, topping expectations, while Macy's Inc. (M) and J.C. Penney Co. (JCP) had declines bigger than analysts projected.
Target Corp. (TGT) reported a bigger-than-anticipated 1.5% drop, as Chairman and Chief Executive Gregg Steinhafel said weakness the first three weeks of November was "substantially offset by better-than-expected sales during our post-Thanksgiving Two-Day sale." Shares fell 1.6%.
Limited Brands Inc. (LTD) surprised analysts for the second time in three months by posting same-store sales growth--3% in November after a 12% slump last year. A gain posted in September was the first for the Victoria's Secret and Bath & Body Works parent in two years. The company said it saw "record sales" on Black Friday, helping Limited avoid a potential same-store-sales drop for November. It added merchandise margins were "up significantly" in the month.
As it did for November, Limited projected December same-store sales falling by the low- to mid-single digits on a percentage basis. Shares added 2.2%.
Pier 1 Imports Inc. (PIR), which has been posting improved results this year after a string of loses earlier this decade, said same-store sales for its fiscal third quarter ended Saturday jumped 14% after last year's 18% tumble. President and Chief Executive Alex Smith said the home-furnishings company saw building strength throughout the quarter, "culminating in a very strong Thanksgiving weekend." Its stock jumped 11% premarket.
While Gap Inc. (GPS) reported flat results, in line with expectations, teen apparel chain Abercrombie & Fitch Co. (ANF) posted a much bigger-than-expected 17% slide in November same-store sales. And Children's Place Retail Stores Inc. (PLCE) reported a 13% swoon, not the average 1% gain analysts anticipated. Its shares fell 9.6% while Abercrombie dropped 7.4%.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354; kevin.kingsbury@dowjones.com
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