The surprising thing about this morning's same store sales results was that the majority of retailers actually beat estimates. The group that had seen consensus price in almost apocalyptic performance was department stores and discounters, ended up beat handily. Only Gap Stores and JC Penney were actually below estimates (by quite a bit), while the rest of the group did better.
Goldman is stating that "as the macro environment remains challenging and unemployment continues to rise, we expect further weak results out of retailers. Therefore, we remain positive on grocers and discounters owing to their defensive characteristics and healthy balance sheets."
(thanks to Goldman for Charts)
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