The remaining companies that report same-store sales for January are probably wishing they had quit giving these numbers. The snow storm that ravaged the Northeast clearly affected many companies.
Stein Mart Inc. was projected to increase sales in January by 2 percent, but it said that same-store sales fell by 0.1 percent to $69.5 million. It did temper that number by saying its fourth quarter sales rose by 1.9 percent to $394.2 million and the company will deliver its fourth quarter earnings on March 10. Stein Mart is also bowing out of the monthly same-store sales group and will no longer report these numbers. Stein Mart stock was flat on the news.
Zumiez Inc. released its same stores sales for January on Wednesday and probably because they weren’t as bad as many had expected. Thomson Reuters thought Zumiez sales would drop 9.7 percent, but instead they only dropped 4.6 percent. Zumiez delivered total net sales of $43.2 million, which dropped 2.2 percent over last year’s $44.1 million, but dollars per transaction increased. Zumiez will deliver its fourth quarter results on March 10. Zumiez stock rose over 5 percent to $19.10 on the good news.
The Buckle Inc. said January same-store sales dropped 11.3 percent compared to January 2015. Buckle’s net sales for January were $53 million. Thomson Reuters had expected Buckle to bad, down 3.7 percent, but not this bad. Buckle stock is reacting fairly well and is mostly flat to up slightly at $28.98.
Costco Wholesale Corp. said its total net sales in January of $8.32 billion rose 2 percent over last year’s $8.15 billion, but its same-store sales were flat. Thomson had estimated them to be up 0.6 percent. Costco stock is falling over 2 percent to $143.55.
The Cato Corp. said January same-store sales decreased 7 percent from last year and Thomson had only projected a decline of 2 percent. The Northeast snow storm seemed to affect the company’s sales. Cato also lowered earnings guidance for the fourth quarter, but did say that sales increased 4 percent in the quarter to $247.3 million. Cato will report its fourth quarter earnings on March 17. The stock fell over 4 percent to $37.13.
L Brands Inc., which was supposed to be the winner in January with an estimated increase of 2.2 percent, instead said its comparable sales dropped 2 percent. Net sales in January increased 4 percent to $811 million. L Brands said that January sales were negatively impacted by a timing shift in Victoria’s Secret semi-annual sale into December.
The retailer raised its fourth quarter guidance for earnings to $2.05, an increase over the previous forecast of $1.85-$1.95. L Brands also said its fourth quarter net sales were $4.395 billion, an increase of 8 percent over last year’s $4.069 billion. Comparable store sales for the fourth quarter increased 6 percent. L Brands stock is dropping over 4 percent to $91.05.
