With same-store sales increases of 6.7 per cent and 7.5 per cent respectively, Macy’s and Kohl’s outperformed rival J.C. Penney in June, as J.C. Penney came up short of Wall Street estimates with a slight 2 per cent gain.
Macy’s saw total sales rise 7.5 per cent in June to $2.4 billion.
“Sales growth in June exceeded our expectations,” said Terry J. Lundgren, chairman, president and CEO. “Once again, the growth came from across the company — Macy’s and Bloomingdale’s stores and online sites.”
Macy’s is again raising its guidance for second quarter sales.
Kohl’s blew past Wall Street expectations in June, as it recorded a same-store sales rise of 7.5 per cent against an estimated 2.9 per cent increase by Thomson Reuters. President and CEO Kevin Mansell credited good weather for the strong performance. Total sales rose 9.2 per cent to $1.75 billion.
J.C. Penney disappointed with a 2% rise in same-store sales for June, as Wall Street expected a 2.3 per cent increase. Total revenue dipped 0.3 per cent to $1.55 billion. Citing a weaker-than-expected retail environment for mid-priced shoppers, J.C. Penney lowered its guidance for the second quarter.
In other department store same-store results for June:
Nordstrom same-store sales increased 7.9per cent.
Dillard’s same-store sales rose 6%, and total sales rose 5 per cent to $2.4 billion.
Bon-Ton Stores same-store sales dipped 0.9per cent.
Stage Stores same-store sales rose 1.8 per cent, edging expectations.
Source : Chain Store Age