Budgets/Spending/Market Size

Jacksonville, Fla. -- Stein Mart reported Thursday that net income for the quarter ended Oct. 30 was $4.3 million, compared with net income of $3.2 million a year earlier.

Net sales were $267.9 million, a decrease of 0.9% from $270.2 million in 2009. Same-store sales increased 0.3% for the quarter.

Washington, D.C. -- After going head-to-head with discounted holiday gifts such as luxury cashmere sweaters and appliances last year, gift cards are expected to emerge as winners this holiday season. According to NRF’s 2010 Gift Card Consumer Intentions and Actions survey, conducted by BIGresearch, Americans will spend an average of $145.61 on gift cards, up from $139.91 last year. Total gift-card spending is expected to reach $24.78 billion.

In the November issue of Chain Store Age (page 28), leasing specialist Bill Bosco discussed what is being called the biggest threat to retailers’ earnings: the Financial Accounting Standards Board’s (FASB) proposed new rules for lease accounting.

According to Bosco and other experts, the new rules will essentially turn operating leases into capital leases for accounting purposes, wreaking havoc on retailers’ bottom lines.

New York City -- According to a special national consumer poll commissioned by the International Council of Shopping Centers and Goldman Sachs, 31% of households plan to shop on Black Friday in 2010 compared with 26% in 2009. However, the strongest driver of Black Friday shopping is children, as 43% of households with kids are planning to shop on that day. Additionally, 37% of households reported that they plan to shop on the Saturday or Sunday after Thanksgiving.

Chicago -- Better-than-expected response to early sales promotions mixed with relatively mild weather throughout the country are already driving holiday traffic to malls and retail outlets have caused ShopperTrak to up its 2010 holiday forecast.

Atlanta -- Home Depot reported Tuesday that it recorded higher-than-expected earnings in the third quarter, boosted by tighter cost controls.

The company’s net income rose to $834 million in the quarter ended Oct. 31, compared with net income of $689 million a year earlier.

Sales rose 1.4% to $16.60 billion, slightly above Wall Street expectations of $16.59 billion. Same-store sales at Home Depot's U.S. stores rose 1.5%. It was the chain’s fourth-straight quarterly gain after three years of declines