February 2009 Retail Industry Numbers: Same Store Sales, Layoffs, Store Closings

As the February 2009 same store sales numbers started hitting the news wires this week, the prophets of retail doom had to work a little harder to craft their pessimistic spin. With sales higher than expected and layoffs lower than feared, the worst thing we can point our cynical eye at this week is the final closing of all Circuit City stores on Sunday. Many of us have mourned that loss already, haven't we?

Retail cornerstone Wal-Mart's February same store sales beat expectations times two, and so far, we see that six other major retailers beat Wal-Mart's 5.1% increase. Even though Target, Gap, Kohl's, Macy's, and American Eagle Outfitters all posted negative same store sales percentages, the declines were not as low as predicted, so the residents of Wall Street had a reason to be happy.

The better than expected February sales apparently allowed retailers to hang on to more of their employees in February. A mere 39,500 retail employees saw their jobs cut, which was not good news to them, but it was definitely good news to the retail industry.