Canny, that's penguins with rockets from that reaaally bad Batman movie where a skinny cat played Poison Ivy and Guvnr Ahnold played Iceman...blue ink everywhere and bad hockey but a great election scene.
Barrington Research Associates,
Retail Chain Store Sales Lower: (But Comps Getting Easier...)
Sales at retail chain stores dropped sharply in the week ended September 18. The ICSC's chain store sales index fell 1.1% sequentially from the previous week. Sales were at the lowest level since the final week in June. As we mentioned last week, the later Labor Day holiday and the hurricanes have likely been distorting sales. The ICSC suggested that its latest index decline may have been partially depressed by inadequate seasonal adjustments for the holiday impact. Nevertheless, current retail sales growth is very sluggish. The Redbook survey also confirmed that demand was slower last week, although it had no suggestions for possible distortions.
More encouraging news, especially for retail analysts interested in year-over-year earnings reports for the retail stocks, is that the comparisons with the year earlier period are now becoming easier. The ICSC index was up 3.5% in the latest week and has improved for the second week in a row after hitting a bottom at 2.1% in the previous week. Sales in the year ago week were particularly depressed after the initial stimulus of the 2003 tax rebate checks began wearing off. Comparisons should continue to get easier over the next few weeks. The ICSC is estimating that comparable year-over-year sales will be up 2%-3% for all of September, up from the dismal 1.1% increase in August. That growth is still not very exciting though we believe it will continue to improve modestly going forward. Underlying consumer fundamentals remain mixed with high energy costs and heavy consumer debt a problem that should be offset by growing employment and modestly improving wage rates, tempered by business caution and sky-rocketing benefit costs.