For December 2007, 27 retailers missed December forecasts for sales at stores open at least a year (14 beat forecasts and 2 met forecasts). The worst results were...
AnnTaylor posted a 9.4% decline, worse than the 1.9% decline anticipated
Limited posted a 8% drop, worse than the 4% decline anticipated
Macy's posted a 7.9% drop in same-store sales, worse than the 6.5% decline anticipated
Gap posted a 6% decline, worse than the 2.2% decline anticipated
Abercrombie & Fitch posted a 2% decline, worse than the 0.8% decline anticipated
Those sales numbers are REALLY bad. It would indeed appear that a recession is in the works.
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