July 10, 2009 Retail Sales Continue to Stuggle
Most national retailers released their June sales yesterday, July 9th. As expected may retailers are still showing declines in revenue compared to the previous year. Higher end retailers are suffering the largest decline. For example, GAP inc. is down 10% for same store sales (“same store” refers to stores that have been open for at least one year), however Old Navy stores are only down 7% for June, while Banana Republic stores, the higher end clothing line owned by GAP is down 20%. Costco is only down 1% nationally, but the best performing stores for June were in the Northeast, Texas, and Midwest.
Clothing stores Aeropostale and Buckle provided the largest same store increases for June 2009. Buckle has posted positive comparable sales numbers for 34 consecutive months now. Can anyone explain this one too me?