THE OCTOBER RETAIL SALES REPORT
The Retail Sales Report, one of the most important indicators for economists and investors, was released today for the month of October and the news was positive. Macy’s Inc. same-store sales increased 4.1%, beating expectations for 3.1%, Kohl’s Corp. sales rose 3.3%, when 1.1% was expected, and high end retailer, Nordstrom Inc. crushed estimates, posting a 9.8% rise in same-store sales, ahead of the expected increase of 6%. Overall, the 17 retailers tracked by Thomson Reuters are expected to report 4.3% growth in October sales. The retailers ended their fiscal October on Saturday, before Sandy reached the Northeast.
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