Citi Discusses February Same Store Sales (JWN, BJ, SKS)

Citi Investment Research is out with a research note discussing February same store sales of retailers like Nordstrom JWN, BJ's Wholesale BJ, and Saks SKS.

In the research note, Citi writes, "February was better-than-expected, with BJ, JCP, JWN, and SKS exceeding our estimates (the high-end retailers delivered the most upside surprise) and the remaining retailers under our coverage posting in-line comps vs. our estimates. Winter storms weighed on sales early in Feb., which we estimate had a (-50) to (-100) bps impact. However, business picked up in the second half of the month. Retailers called out strong Valentine's Day sales and positive response to Spring receipts. We also believe that strategic inventory investments and healthier inventory levels YOY drove SSS during the month."

Citi goes on to say, "BJ/JCP/JWN/SKS exceeded our SSS est.; COST/KSS/M were at the high-end of our range; TGT/WAG were in-line."