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Stock Market & Financial Investment News

News Breaks
January 3, 2014
10:44 EDTTIF, ROST, VRA, SIG, AEO, FOSL, TJXAnalyst sees storm to reduce Q4 retail sales by about 1%
The winter storm hitting the Northeast is likely to reduce retailers' sales by about 1% in their fourth quarter, Citigroup estimated. WHAT'S NEW: The storm will likely cause many shoppers to stay home between Thursday and Saturday in the Northeast and Midwest, Citigroup analyst Oliver Chen wrote in a note to investors. The snowfall yesterday and today, followed by very low temperatures on Saturday, will keep many customers in the affected regions to stay out of stores, the analyst explained. Last year, store traffic during the first Thursday to Saturday in January made up 3%-4% of retailers' total fourth quarter traffic, Chen estimated. Retailers with the most stores in the areas affected by the storm include Vera Bradley (VRA), TJX (TJX), and American Eagle (AEO), the analyst wrote. Retailers with the lowest number of stores in the affected areas include Ross Stores (ROST) and Fossil (FOSL), according to Chen. Also likely to be less affected by the storm than many retailers are companies that specialize in selling jewelry, including Tiffany (TIF) and Signet Jewelers (SIG), he added. The storm is not likely to impact sales of Valentine Day's gifts, Chen explained. PRICE ACTION: In midday trading, Vera Bradley rose 1% to $24.25, TJX added 0.8% to $64, American Eagle advanced 0.5% to $14.80, Ross Stores gained 0.5% to $74.65, Fossil was up 0.8% to $119, Tiffany lost 0.2% to $92.35, and Signet Jewelers was 1% higher to $79.50.
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