Weather, discounts and stimulus checks boost June same-store sales -- S&P

NEW YORK (Thomson Financial) - June same-store sales will get a boost from the warm weather, summer clearance sales and fiscal stimulus checks, but apparel sales will decline amid weak discretionary spending, Standard&Poor's predicts. Comparable-store sales should fall 3.2% for the S&P's weighted index of 11 apparel retailers, the firm said. That compares with a 1.2% June same-store sales increase in 2007. S&P sees a 2.2% increase in same-store sales in its broader measure of 23 retailers, including mass, warehouse and department stores. Consumers will spend most of the extra cash at warehouse clubs, discounters and off-price retailers, the firm said. 'We look for another month of double-digit online retail gains, mitigating some of the weak store traffic trends,' analyst Marie Driscoll wrote to clients Tuesday. 'Missy'... [read full story]