David Rosenberg on Retail Sales
November 16, 2009 2:01 pm
Some commentary on the retails sales numbers released last week. This is consistent with what we are seeing this week as well.
Analyst David Rosenberg:
According to the Redbook survey, same-store sales were running at +1.7% YoY as of November 7th — below the target of +2.2%. Remember, the comps are very “easy” given last year’s meltdown, so +1.7% is actually quite poor.
As for any inflation pressure — it is just not there. The Redbook said “Holiday merchandise is beginning to be displayed in stores as retailers are promoting earlier than usual. Some stores are already in a rush to cut prices and extend store hours in an effort to create a “Black Friday” everyday.”
Disclosure: Horowitz & Company clients may hold positions of securities mentioned as of the date published.