X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN FRANCISCO-Locally based clothing retailers Gap Inc. and Ross Stores Inc. both revealed an increase in November sales compared to the same year-earlier period but Ross Stores clearly turned in the better performance. Ross Stores reported a 12% jump in November sales, including an 8% spike in same-store sales, while Gap Inc.’s same-store sales were flat and overall sales rose by just 2.1%. The results compare to a o.3% drop in November sames-store sales for all chain stores, according to the International Council of Shopping Centers’ Chain Store Sales Index .

Gap Inc. operates 3,143 stores. Its same-store sales were flat despite 6% same-store growth in its Old Navy unit thanks to a 4% drop in same-store sales for both Gap North America and Banana Republic. International same-store sales fell 5%. Overall sales for Gap Inc. in November were $1.42 billion, up from $1.39 billion in the same 2008 period. Year-to-date, Gap Inc. overall sales were $11.38 billion, down 4% from the same 2008 period. In the third quarter, which saw the company produce a 25% increase in profit year-over-year, sales rose 0.8% and held to the same trend – same-store sales for Old Navy rose 10% while Gap and Banana Republic saw same-store sales fall by 7% and 6%, respectively.

Ross Stores, which operates 1,008 stores, rung up $635 million in sales in November, up 12% from $568 million for the comparable 2008 period on an 8% jump in same-store sales. Moreover, it expects another mid-single-digit jump in same-store sales in December and again in January. Year-to-date, Ross sales totaled $5.839 billion overall, up 10% from the comparable 2008 period, while same-store sales rose 5%.

The International Council of Shopping Centers’ Chain Store Sales Index shows a 0.3% drop in November same-store sales for 32 reporting chain retailers. The decline comes after two months of increases for the industry despite a relatively easy year-over-year comparison.

“These data suggested that the holiday season got off to a weak start in November for retailers–though the tail-end of the month saw relatively strong sales for electronics and online spending, but that seemed to be at the expense of some in-store performance and apparel demand, in particular,” wrote ICSC chief economist and director of research Michael P. Niemira.

Department store sales dropped 4.5%, with luxury stores declining 6.9% and the teen segment down 5.5%. Discounters rose 0.6%. Drugstores rose 2.3%. Wholesale clubs reported a 1.9% increase.

Another local chain, Cost Plus, joined Ross in out performing the index. The locally based retailer of “casual home furnishings” this week said same-store sales in November jumped 4.9% on a big increase in traffic in California, the company’s largest and most mature market. The company reported a 9.1% drop in same-store sales in the third quarter.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.