October sales generally up, but short of estimates; Buckle leads apparel
New York City -- Consumer spending slowed in October, sending a note of caution as retailers head into the holiday season. Eleven retailers missed expectations for same-store sales, while three chains beat estimates, according to a preliminary tally by Thomson Reuters. However, while the October results were not as promising as some retailers had hoped, sales for the most part rose and most chains reported results that were only slightly off from analysts’ estimates. Some analysts blamed Wall Street for underestimating how much caution is still out there.
"This is expectations getting ahead of reality," said AlixPartners managing director Joel Bines, in an Associated Press report. "It's still a solid performance.”
October is the third-smallest month for sales.
Costco, Macy's, Saks and Target are among the companies that reported results that fell slightly below Wall Street analysts' expectations.
Limited Brands reported a 6% rise in same-store sa