A mid-single-digit comp decline in October CE sales at Costco, and a rare-for-the-warehouse club decelration in traffic trends for the month, may not bode well for holiday season sales at Best Buy and Target, a JPMorgan analyst portends.
“JPMorgan’s Christopher Horvers and team worry that Costco Wholesale’s (COST) sluggish same-store sales could be bad news for companies like Best Buy (BBY), Target (TGT), Williams-Sonoma (WSM) and Michaels (MIK).”
