June same-store sales were soft with the exception of improved results from retailers offering value and low price, including Wal-Mart Stores Inc., Target Corp. and TJX Cos..
Wal-Mart was up 1.6 percent, Target gained 3.3 percent and TJX increased 5 percent.
Macy’s 2.7 percent decline forced management to cut its second-quarter earnings per share estimate from 35 to 45 cents per share to a range of 20 to 30 cents.
The luxury sector wasn’t immune to drops. Saks Inc. recorded a 5.6 percent comps decline, although Nordstrom came in with a 2 percent gain.
Moderate department stores retailers such as J.C. Penney and rival Kohl’s had a hard time driving traffic, declining 1.5 and 4.9 percent, respectively. However, Penney’s results were slightly better than forecast.
For a more detailed look at June comps, see tomorrow’s issue of WWD.