Retailers Suffer From The Big Chill, But Saks Is Smokin'

Let all those other retailers whine about how Valentine's Day storms cut into February sales. Saks--with its customer base of affluent women aged 35 to 55--didn't need sunny skies to turn in comparable-store sales that were up 24.7% in February.

Other high-end department stores also turned in strong performances. Nordstrom reported that same-store sales jumped 9.1% in February, and at Neiman Marcus (which also owns Bergdorf Goodman), February same-store sales increased 5.3%. (Plus, at Neiman Marcus Direct, comparable revenues increased 16%, fueled by jewelry sales, women's contemporary sportswear and shoes, and handbags.)

But for most retailers, the news wasn't good. Federated Department Stores sales disappointed--up just 1.2%, and short of the 2-3% gain it had predicted. Those results are particularly telling, since this was the first month that same-store results include the former May stores.

At J.C. Penney, which launched an ambitious repositioning earlier in February, sales actually decreased, with comparable-store sales declining 0.2%. The company said between its intensified marketing efforts and an early Easter, it expects March comparable department store sales to rebound, with gains in the high-single digits. Dillard's same-store sales sank 9%.

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But the worst news came in the adult specialty apparel segment. Gap sales fell 4%, and Ann Taylor's dropped 2.9%. Teen powerhouse Abercrombie & Fitch reported a decline of 6%.

Overall, retail sales gained just about 2.6% from the prior month, as well as from the prior year, according to Retail Forward, which tracks an index of 60 stores.

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