retailers hit by hot weather

from today's Wall Street Journal:

Retailers Post Weak Sales,
Cut Growth Expectations
Wal-Mart Boosts Earnings Outlook
By JAMES COVERT
October 11, 2007 1:17 p.m.

"NEW YORK -- Retailers posted weaker-than-expected September sales, stoking worries that the housing slump and credit crunch will crimp spending during the crucial holiday season.

Blaming unusually balmy weather that quelled demand for fall fashions, department stores and apparel retailers reported some of the most disappointing results, with J.C. Penney Co., Nordstrom Inc. and Limited Brands Inc. all cutting their estimates for third-quarter profits. Wal-Mart Stores Inc., however, raised its earnings outlook, with analysts citing strong controls on costs and inventory.

Retailers collectively reported a 1% increase in September same-store sales, or sales at stores open at least a year, according to an index of 39 major chains compiled by Lazard Capital Markets LLC. That's well below the 3.9% gain seen a year earlier and is among the weakest monthly showings by the industry in several years, said Todd Slater, an analyst at the New York investment firm." ....

for the complete story see:
http://online.wsj.com/article/SB119210162294155872.html?m
od=googlenews_wsj