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The Shopping Bag: Nordstrom, Target, Costco...


A look inside the numbers for some of the top dogs in the retail space...

Editor's Note: Below please see the Same Store Sales figures from August, followed by some of Professor Jeff Macke's always sharp and on-point commentary...

Click to enlarge

  • Wal-Mart (WMT): Numbers were pretty good, especially relative to expectations. The problem is that Wal-Mart itself set those expectations less than a month ago. I wouldn't short 'em here but I view WMT as I do the airline and homebuilding sectors: Every day the market is open is a nice opportunity to sell Wal-Mart.

  • Gap (GPS): The world's slowest turnaround continues. Comps down 1%, better than expectations. I took off my hypothetical trade here but, if you must speculate in downtrodden specialty, Gap and new CEO Glenn Murphy are still in the honeymoon.

  • Costco (COST): Reported yesterday and missed. I think it's a buying opp (as I said on a couple different shows last night). We can talk more Costco later.

  • The Consumer (USA): Best consumers in the world. Maybe they shouldn't be spending. Maybe they'll have to stop soon. But they haven't yet.

  • Zumiez (ZUMZ): Wildly volatile but looking like a specialty store on a run. From where I'm sitting, you trim on big runs (like we had over the last month) and buy on dips until the sales roll-over. (NB: in terms of positioning at the moment, I'm in the waiting for the next pull-back, mode)

  • Nordstrom (JWN): Spent enough time in the dog-house... things just aren't that bad at JWN.
Add it up and I think you sell a good open in these names. Long term, I like Target (TGT), Costco, Dicks (DKS) and Zumiez. Of those, the only one I'm looking to take a long position in here would be Cost and the one I still own is Nordies.
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Position in JWN

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