Same-Store Sales Rise in October
The TJX Cos. had a same-store sales increase of 7 percent.
NEW YORK-The late-month arrival of Hurricane Sandy didn't put a damper on U.S. retailers' sales results for October. Indeed, it may have provided an extra boost to sales, with many consumers looking to stock up in anticipation of the storm.
All of the chains tracked by HFN posted positive same-store results last month. Leading the way was The TJX Cos., whose various chains reported a combined same-store sales increase of 7 percent.
Costco came in with a same-club sales rise of 5 percent (7 percent when factoring in gasoline sales). Macy's posted a 4.1 percent increase, and Ross Stores reported a gain of 4 percent. Kohl's same-store sales rose 3.3 percent, and Target chimed in with a 2.4 percent pickup.
Commenting on TJX's October performance, CEO Carol Meyrowitz said the company enjoyed momentum in all of its divisions, with customer traffic serving as a key driver across the board.
Terry Lundgren, Macy's chairman, president and CEO, said business was strong for both Macy's and Bloomingdale's for October and the third quarter as a whole. "We are feeling confident about our prospects for the upcoming holiday season and have increased our sales guidance for the fall season, despite the interruption caused by Hurricane Sandy in the first few days of the fourth quarter," Lundgren said.