MW: Retail stocks up even as chain-store sales fall
SAN FRANCISCO (MarketWatch) -- Retail stocks posted some Tuesday, with big discount chains, department-store operators and women's-apparel makers battling to match their market benchmark.
In the latest indication that holiday shoppers turned more frugal this year, chain-store sales for the week ended Dec. 27 fell 1.8% from a year ago, according to a survey released by the International Council of Shopping Centers and Goldman Sachs. On a week-over-week basis, sales fell 1.5% despite widespread deals to be had at retailers.
ICSC expects same-store sales for all of December to fall by at least 1%, it said.
"The 2008 recession, widespread heavy discounting and adverse pre-holiday weather all coalesced to produce the weakest holiday season since at least 1970," said Michael Niemira, ICSC's chief economist. "Although there is another week in the fiscal month, December's sales are unlikely to get much help from the post-Christmas shopping."
But by the close, shares of Macy's and J.C. Penney were up in the 5% range, while Wal-Mart Stores held flat and Target only edged higher.
Women's-apparel maker Ann Taylor was up 5.8%, while Jones Apparel Group rose almost 19% and Liz Claiborne tacked on 4.6%.
Overall, the S&P Retail Index rose more than 2% to 274.96.
