RETURN TO PAGE 1


Department


Dillard’s (DDS): reported -14.0 vs. -5.7 exp.

Reported to be quite bent out of shape over the Saks and Nordstrom results. "Way to ruin the 'slow April' excuse for the other department stores, jerks."



Federated (FD): reported -2.2 vs. +1.1 exp.

Federated sees May same store sales to be flat to down 2%. Shareholder Carl Ichan, fresh off his defeat at the hands of Motorola shareholders, may have something to say about Federated planning for a negative month…


Fred’s (FRED) : reported -2.5 vs. +0.5 exp.

In theory, higher gas prices should benefit neighborhood operations like Fred's since consumers are less apt to drive to the nearest Wal-Mart. The SSS reality suggests that this isn't a perfect theory, however.



JC Penney (JCP): reported -4.7 vs. -0.4 exp. 

The company reaffirms its most recent guidance for 1Q earnings



Kohl’s (KSS): reported -10.5 vs. -6.9 exp. 

Kohl's issues in-line guidance for 1Q (April), and sees EPS of $0.62 vs. $0.62 Reuters Estimates consensus. In-line is just fine but I'm sticking with my 2007 resolution to ignore the Kohl's comeback story...



Nordstrom (JWN): reported +3.1 vs. +3.0 exp.

Nordies and Saks are sharing a good laugh over the idea of a weak April for the consumer.



Saks (SKS): reported +11.7 vs. +6.0 exp.

Another great month for Saks. The company seems poised to make analysts betting against them rue the day they jumped off the momentum train, after a couple recent downgrades.


Discount/Deep Discount


Dollar General (DG): reported -2.2 vs. +0.3 exp.

Still trying to convince itself that KKR will let management run things "The Dollar General" way. "Those KKR guys seem like nice, laid back fellas" Dollar General commented, smiling thinly.


Family Dollar (FDO): reported -4.9 vs. -0.3 exp. 

The company guides May comps to +1-3%.


Ross Stores (ROST): reported -7.0 vs. -4.5 exp.

Light on the top-line but just fine, thank you, on the bottom: The company guides EPS in-line for 1Q (April), sees EPS of $0.47-0.48 vs. $0.48 Reuters Estimates consensus; reports 1Q (April) revs of $1.31 bln vs. $1.42 bln consensus.



Target (TGT): reported -6.1 vs. -6.5 exp.

Target had already guided for a disappointing April and the company reaffirms guidance for FY '08 (Jan.), and sees EPS of $3.60 vs. $3.60 Reuters Estimates consensus. Good news for retail bulls as there had been some fear that Target, one of the best operators in the space, might take down EPS.


Warehouse Club


BJ’s Wholesale (BJS): reported -2.1 vs. 0.2 exp.

The advantage of being a totally lifeless retail operation is that sales run more or less according to your flat-line plan under most circumstances.



Costco (COST): reported +7.0 vs. +6.3 exp.

In the context of the rest of the retail world this month, missing by 0.7% is something of a victory for CostCo. Someday this stock is going to rally… maybe not today but Cost is simply too good not to have it happen.



TJX Cos (TJX): reported -1.0 vs. -1.0 exp.

Predicted, and delivered, utterly bland results. I suppose that's a plus.



Wal-Mart (WMT): reported -3.5 vs. -1.2 exp. 

The company reports revenues for 1Q (Apr) of $85.4 bln vs. $85.77 bln Reuters Estimates consensus. The company almost has to get some forward momentum at some point. Doesn't it?


Specialty-Hardline

Claire’s Stores (CLE): reported -6.0 vs. -0.8 exp.

"Must… keep it… together… until… buyout… closes…"



Sharper Image (SHRP): reported -11.0 vs. -22.8 exp.

Giddy times for San Fran's non-racy toys for grown-ups store as the law of small numbes finally catches up to them, to their benefit. It's very hard to be down 25% forever (though SHRP has certainly tried).


View a spreadsheet of Same Store Sales here...