Retailers Lower On Missed Same Store Sales (TGT, M, AEO, GPS)

There are a myriad of retailers moving sharply lower this morning on the back of missed December same-store-sales (SSS). Shares of Target TGT are 5% lower to $55.95 on the back of December SSS rising 0.9%. Analysts expected a rise of 4.0%. Shares of Gap GPS are down 7% in pre-market trading after the company reported December SSS of -3.0% versus estimates of +2.4%. The company reaffirmed 2011 EPS guidance in the range of $1.77-1.82. Thomson Reuters consensus is $1.83. American Eagle AEO is down over 8% on a 11% drop in December SSS. Analysts expected a drop of 1.7%. The company also cut its fourth quarter earnings guidance to $0.41 to $0.43 per share. Previous guidance was $0.43 to $0.46 per share. Macy's, Inc. M is down over 3% on reports that December SSS rose 3.9%, versus analysts' expectations for a 4.5%.