Costco, Nordstrom December sales dip - Pacific Business News (Honolulu):

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At Issaquah-based Costco (Nasdaq: COST), same-store sales fell 4 percenf compared with the same timelast year. Net salee fell to $7.4 billion from $7.55 billion a year The big-box retailer has six locationsin Hawaii. The drop in same-stored sales wasn’t as steep as analysty Dan Geiman of brokerage inSeattle predicted. Geima n estimated a 4.5 percent drop and said Costcowas “severelty impacted by the combined impacts of gasoline deflationh and the stronger U.S. Geiman has a “hold” ratin on Costco’s stock. At Seattle-based Nordstrom (NYSE: which opened its first Hawaii storw at Ala Moanain March, same-store salesx fell 10.
6 percent compared with the same time a year earlie r and net sales dropped to $1.13 billion from $1.223 billion in 2007. Nordstrom’ws drop in same-store sales was less than expectations of a 14 percent In a noteto investors, Geiman said he expects that Nordstrom “will continue to face competitivr markdown pressures into the foreseeable future or at least until the economy starts to improve.” He lowered his fourth-quarter earnings estimate to 34 centse per share from 42 cents per shares and his fiscal year earnings estimats to $1.85 from $1.94. Geiman maintains his “buy” rating on Nordstrom.