All discounters posted strong y/y comparable store sales growth in May08 supported by growth in traffic and average transaction size. Unlike discounters, department stores displayed a reverse trend as they posted negative y/y comp-store sales growth. Clothing and accessories retailers reported mixed results. read more…

Gayatri Hardikar, Rima Shah, Vaibhavi Tavare and Hemina Mehta have also contributed to this note

In April-08, Discounters benefited from the shift in the timing of Easter. On the other hand, department stores and clothing and accessories retailers did not perform as well in spite of some benefit from the calendar shift. The strongest segments for the Discounters were food, consumable perishables and healthcare categories while apparel and lawn and garden categories were soft. read more…

Vishal Kapse and Amit Sureka also contributed to this Note.

March-08 comparable store sales showed an impact of calendar shift in the timing of Easter on retailers. Shops were closed on Easter resulting in one less selling day in March. Department stores and clothing and accessories retailers were the most impacted amongst the retailers. On the contrary, discounters were benefitted by strong Easter sales. Most retailers are now expecting higher y/y comparable store sales for ME Apr-08 on account of the Easter timing shift. read more…

Hemina Mehta and Vishal Kapse also contributed to this Note
Increase in average transaction values along with higher traffic resulted in better than expected February ’08 comparable store sales performance among discounters, while department stores and apparel retailers showed an opposite trend. Comparable store sales performance of discounters surpassed that of department stores and apparel retailers. All retailers will be closed for one day in March 2008 due to Easter Sunday, leading to lowered March’08 comparable store sales guidance; this calendar shift is expected to benefit comparable store sales performance in April 2008.
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Arpita Lulla and Vishal Kapse also contributed to this Note
Ongoing credit crisis and continued weakness in the housing market resulted in lower than expected January ’08 comparable store sales performance across all retailers. Customers continued to feel pressured and chose to spend on consumables rather than on high ticket items.
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Hemina Mehta and Vishal Kapse also contributed to this Note
Decline in traffic along with difficult year-on-year comparisons due to shift of one pre-holiday shopping week to November from December, led to poor December ’07 comparable store sales performance among retailers. Customers continue to be cautious in their buying and seem to be shopping at stores where they can avail good bargains resulting in better performance for warehouse clubs.
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Arpita Lulla, Hemina Mehta and Vishal Kapse also contributed to this Note
Calendar shift (resulting in an additional week after Thanksgiving) and cold weather boosted November comparable store sales for most retailers
Discounters and department stores outperformed apparel retailers reflecting tighter consumer spending due to the current macro-economic conditions. Most retailers have a conservative outlook towards December sales and have estimated lower y/y comparable store sales growth.
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Arpita Lulla, Hemina Mehta and Vishal Kapse also contributed to this Note

Retailers continue to disappoint with declining October ’07 comparable store sales
Softer consumer spending environment relative to last year as well as the continuation of unexpected weather patterns during the month led to disappointing October comparable store sales amongst most retailers with the exception of discounters / warehouse clubs.
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Arpita Lulla and Hemina Mehta also contributed to this Note

Retailers report weak September ’07 sales growth affected by unseasonable warm weather
Continued weakness in consumer spending, coupled with unexpected spell of warm weather, depressed retail comparable store sales in September. Many retailers have reduced their 3Q07 earnings guidance, in anticipation of higher markdowns to push out inventory and make shelf space available for holiday merchandise.
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Arpita Lulla, Hemina Mehta and Amit Sureka also contributed to this Note

August comparable store sales reflect gains from back-to-school
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