Early sales results for the month released today showed many merchants did not get the big boost they were seeking from Black Friday. Thomson Reuters, which tracks monthly same-store sales for 30 chains like Target, Gap and J.C. Penney, said 15 of the retailers in its Same Store Sales Index have reported their results. Of those 15, 85% missed analysts' sales estimates while 15% beat expectations. Children's Place, a seller of clothing and accessories for young kids, suffered a 13% drop in its same-store sales versus expectations for a 1% increase. Sales at another youth merchandise chain Abercrombie & Fitch slumped 17%. Elsewhere, total sales at No. 1 warehouse club operator Costco rose 6% compared to a forecast for an increase of 8.1%. Same-store sales are a key measure of a retailer's performance and measure sales at stores open at least a year. Overall, the firm has expected November sales for the group to grow 2.1% compared to a steep 7.8% decline last year. However, the much softer-than-expected early numbers prompted Thomson Reuters retail analyst Jharonne Martis to say that November's performance will most likely be worse than expected. November is a critical month for retailers since it marks the start of the year-end holiday shopping season. November and December together can account for 50% or more of merchants' annual sales and profits for the full year.
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