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Action retail sales good morning began with a great number really came in better than expected for July also don't help Charles Biederman had fixed was totally -- that the focus on annuity is you let that he's the -- the leadership for gas politics got back up.
This is what happened it broke the three month streak of declining sales that was better than expected -- much but it joining us now with some retail -- is it Jennifer Davis -- -- -- capital senior retail analyst Jennifer thank you for being here -- -- TJ Maxx and speak your expectations.
And why do you think they did so.
Twelve Sachs did but some on him to feed on March and sell high tax didn't have to take as many markdowns -- they thought they would have to.
And TJ has been you know firing on all cylinders for several years now and -- But everybody looks to the luxury sector to -- Let's call what it is the health of the oligarchs in Russia and the new billionaires in China and we know that there's a slowdown in China.
What was -- it's -- a former tour investor viewers do you think that will start to see a little bit of erosion for some of the luxury names.
I don't think so we've seen a slowdown in European -- some we've seen out at the high end in the US.
But it's being made up or by the Russians and the Chinese and the Brazilian tourists.
So -- -- seeing that the slowdown with European tours tours on spending and and an increase in Chinese Brazilian and Russian spending.
-- TJ Maxx doing to bring in new -- as -- they doing so well.
Focusing on value and bringing in new merchandise two times a day into the stores two times today merchandise can't ever a time he's gonna note or it looks now -- -- you go in there you see Ralph Lauren you see Vera Bradley.
Not that I've been there every five minutes.
At any rate deals and there they did -- great deals great brands okay advocate for consumer going back what you've got two favorites that are not including TJ Maxx at the moment.
The limited and gap stores have a lot of favorite thing TJ from their -- But right now yeah I think limited and gap both have the most upside for the back half of this year gap has pretty easy comparisons easy marching comparisons.
Limited has a couple of items that have been impacting their margins and in the last couple of quarters including.
They're opening a store in London that should have been probably by the end of this month so they've been incurring the expenses without store but I don't have any of the revenues offset it.
They also have there.
Herald Square flagship in New York City which has been closed for renovations that they don't have the revenues from not coming in and I should -- back up in October probably.
We surprised by the retail numbers for July able to get a sense that that we spending was was moving my got a sense of July sales were better most retailers report monthly same store sales at the beginning of the month and our July numbers came in better than expected.
Sense that we were kind of anticipating a better number if you could just say what you feel the health of the consumer's right now may -- -- temperature gauge of sorts.
I think the consumer -- cautious but I would not bet against the American consumer machines out their spending as long as the retailers have merchandise that.
That they like they'll buy it I can see the back to school.
We're looking for about a mid single digit increase in sales.
At that we're and other executives have felt previously is in this spin on them to 3% -- range and the the last couple years.
Very good in the hot new item -- colored denim.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Actually I'm gonna get new ones with printed -- believe or something you know what where -- -- I'm not unknown in optional on the fashion especially Easter was my life like Jennifer good to.
Thank you can I heard it was -- by five.
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