Chain-store sales are still easing in early August, according to ICSC-UBS's year-on-year same-store tally which shows a 2.4 percent rate for the Aug. 16 week vs. 2.6 percent in the prior week. Week-on-week, sales inched 0.1 percent higher but against an easy comparison. Redbook's tally for the Aug. 9 plunged 2 percentage points for the steepest drop in memory.
We still haven't seen major homebuilders going BK. I cannot believe they have made so much money in the past and are sitting on such a low burn rate that they can hold their breath through the biggest housing bust in US history.
Staples said sales in North America were hurt by lower customer traffic and smaller orders, leading to a revenue drop of 1 percent as comparable store sales fell about 7 percent over 2007. International sales rose 17 percent, with a big boost from a weak dollar, and rose 6 percent when measured in local currency.
Upscale retailer Saks Inc. (SKS) posted a wider-than-expected quarterly loss on Tuesday, as even its well-to-do shoppers curbed spending as the economy weakens, and forecast a drop in its 2008 operating margin.
The company forecast same-store sales, a key metric of retail health, to be flat or down in the low-single-digit rate in the second half of the year -- a period that includes the critical holiday shopping season, when most retailers usually hope for good fortunes.
got to love HD saying the weakness is in the markets most impacted by housing? I haven;t checked the 2005 transcripts, but I wonder if they were attributing the better than average strength in '05 to those same markets. What a joke...
I'm Alisha from Wowzio, and I'm excited to tell you about our new widget platform that helps bloggers increase readership by providing engaging widgets containing your blog's rich content. You can check out widgets customized for your blog here:
I wanted to reach out to you to ask for your feedback on these widgets (feel free to install them on your blog, if you feel they are a good fit). I'm sorry for leaving this message via a comment, it's not at all our intent to spam you ( which is why i'm leaving this comment on an older post and you can always remove this comment ). Again, we would love to hear your feedback.
Just got back from the Depot. If you aren't picky about what you wear it is the best place to buy clothes. Especially when they are swithing seasons. Got a nice pair of heavy duty construction shorts for $9.50 just now. Normally $16.50.
Of course, most of my clothes are Carhartt Brown. But you guys can't tell so who cares.
I actually thought the HD report was pretty positive. Hard to say what impact the Federal stimulus checks had, but if Q3 is similar HD looks perfectly fine. $70 billion in sales and $3 billion in earnings for the year isn't exactly bankruptcy.
I like Yahoo's top news stories, which sum up the economy:
TOP STORIES
Stocks Fall on Inflation Data, Financial Worries- AP
Stocks fell sharply Tuesday after a hefty jump in wholesale inflation and a drop in new home construction gave investors more reasons to believe the economy won't rebound anytime soon.
Wholesale Prices Surge at Fastest Pace Since 1981- AP
Housing Starts Fall by Most in 17 Years- Reuters
Oil Fluctuates Around $113 as Storm Threat Eases- AP
Home Depot's 2Q Profit Drops 24 Percent- AP
Staples Warns on 2Q Earnings, Shares Lower- AP
Target Quarterly Profit Drops- Reuters
Saks Reports Wider 2Q Loss, Shares Tumble- AP
Fed's Fisher: Fed Must be Ready to Act on Inflation- Reuters
Apple's 3G iPhone One Month Later: Excellent But Not Euphoric- Tech Ticker
"Aug. 18 (Bloomberg) -- Barbeques Galore Inc., a closely held retailer of barbeque grills and accessories in the U.S. and Australia, filed for bankruptcy, citing a decline in home sales, a ``trigger'' for its grill sales"
"Tiles and Stones files for bankruptcy. Miami supply company Tiles and Stones has filed for Chapter 11 bankruptcy protection.
The company declared more than 200 creditors, many of them local companies, including Travertino Trading Co., with $417,244, and EPC of Miami, at $943,895.
The top 20 creditors are owed more than $6.6 million, according to court filings"
BTW, I bought that coat at Home Depote to shop in, and I felt warm until another customer hit me on the head with a hammer, took my coat, and then poured a box of ant poison on me. Thank god I'm not an ant.
Chain-store sales are still easing in early August, according to ICSC-UBS's year-on-year same-store tally which shows a 2.4 percent rate for the Aug. 16 week vs. 2.6 percent in the prior week. Week-on-week, sales inched 0.1 percent higher but against an easy comparison. Redbook's tally for the Aug. 9 plunged 2 percentage points for the steepest drop in memory.
Why, oh why, PPI?
1.2% versus 0.3% expected. 9.8% past year.
We still haven't seen major homebuilders going BK. I cannot believe they have made so much money in the past and are sitting on such a low burn rate that they can hold their breath through the biggest housing bust in US history.
staples just joined the party.
Staples said sales in North America were hurt by lower customer traffic and smaller orders, leading to a revenue drop of 1 percent as comparable store sales fell about 7 percent over 2007. International sales rose 17 percent, with a big boost from a weak dollar, and rose 6 percent when measured in local currency.
It's a good thing that Lowes and Home Depot built 2 stores each within 5 miles of my home.
Cheers,
Lowes and Home Depot are across the street in our town. It makes it easier to walk out of Home Depot and get what you want at Lowes.
Even Sak's is joining in the fun
Upscale retailer Saks Inc. (SKS) posted a wider-than-expected quarterly loss on Tuesday, as even its well-to-do shoppers curbed spending as the economy weakens, and forecast a drop in its 2008 operating margin.
The company forecast same-store sales, a key metric of retail health, to be flat or down in the low-single-digit rate in the second half of the year -- a period that includes the critical holiday shopping season, when most retailers usually hope for good fortunes.
got to love HD saying the weakness is in the markets most impacted by housing? I haven;t checked the 2005 transcripts, but I wonder if they were attributing the better than average strength in '05 to those same markets. What a joke...
Do ya think this means Home Depot will work on customer service?
Nah.
Hi,
I'm Alisha from Wowzio, and I'm excited to tell you about our new widget platform that helps bloggers increase readership by providing engaging widgets containing your blog's rich content. You can check out widgets customized for your blog here:
Wowzio Widgets for your Blog
I wanted to reach out to you to ask for your feedback on these widgets (feel free to install them on your blog, if you feel they are a good fit). I'm sorry for leaving this message via a comment, it's not at all our intent to spam you ( which is why i'm leaving this comment on an older post and you can always remove this comment ). Again, we would love to hear your feedback.
Thanks,
Alisha Wright
alisha.wright1@gmail.com
I bet with heating costs up and lack of profits, it will be awfully cold in Home Depots this winter. Bring a heavy coat.
Better yet, buy a coat at clearance from Saks to shop at Home Depot.
Just got back from the Depot. If you aren't picky about what you wear it is the best place to buy clothes. Especially when they are swithing seasons. Got a nice pair of heavy duty construction shorts for $9.50 just now. Normally $16.50.
Of course, most of my clothes are Carhartt Brown. But you guys can't tell so who cares.
Better yet, buy a coat at clearance from Home Depot to shop at Home Depot.
I actually thought the HD report was pretty positive. Hard to say what impact the Federal stimulus checks had, but if Q3 is similar HD looks perfectly fine. $70 billion in sales and $3 billion in earnings for the year isn't exactly bankruptcy.
I like Yahoo's top news stories, which sum up the economy:
TOP STORIES
Stocks Fall on Inflation Data, Financial Worries- AP
Stocks fell sharply Tuesday after a hefty jump in wholesale inflation and a drop in new home construction gave investors more reasons to believe the economy won't rebound anytime soon.
Wholesale Prices Surge at Fastest Pace Since 1981- AP
Housing Starts Fall by Most in 17 Years- Reuters
Oil Fluctuates Around $113 as Storm Threat Eases- AP
Home Depot's 2Q Profit Drops 24 Percent- AP
Staples Warns on 2Q Earnings, Shares Lower- AP
Target Quarterly Profit Drops- Reuters
Saks Reports Wider 2Q Loss, Shares Tumble- AP
Fed's Fisher: Fed Must be Ready to Act on Inflation- Reuters
Apple's 3G iPhone One Month Later: Excellent But Not Euphoric- Tech Ticker
Can we say RIPPLE?
"Aug. 18 (Bloomberg) -- Barbeques Galore Inc., a closely held retailer of barbeque grills and accessories in the U.S. and Australia, filed for bankruptcy, citing a decline in home sales, a ``trigger'' for its grill sales"
"Tiles and Stones files for bankruptcy. Miami supply company Tiles and Stones has filed for Chapter 11 bankruptcy protection.
The company declared more than 200 creditors, many of them local companies, including Travertino Trading Co., with $417,244, and EPC of Miami, at $943,895.
The top 20 creditors are owed more than $6.6 million, according to court filings"
BTW, I bought that coat at Home Depote to shop in, and I felt warm until another customer hit me on the head with a hammer, took my coat, and then poured a box of ant poison on me. Thank god I'm not an ant.