Of the companies reporting monthly same-store sales so far today, L Brands Inc., The Buckle Inc. and Cato Corp. all posted better-than-expected results.
L Brands delivered a 5 percent comparable store sales increase for May while The Buckle’s comps rose 2.4 percent. L Brands was pegged by Thomson Reuters to post a 2.8 percent gain while the consensus for The Buckle was for a 0.9 percent decline. Cato’s comps were flat for the month. Analysts expected a 1 percent decline for the retailer.
Missing the mark were Stein Mart with a 1.9 percent gain, which fell below estimates for a 4 percent increase, and Rite Aid, which reported a same-store sales gain of 2.1 percent compared to estimates for a 3 percent increase.
Costco Wholesale Corp. posted flat same-store sales for the month — in line with estimates.
The Thomson Reuters Same Store Sales Index showed a 0.6 percent increase for the month, which compares to a 5.8 percent gain in the same month last year.
Stein Mart said its stores in “Florida and the Mid-Atlantic states had the strongest sales in May, while California and Texas, which hold 25 percent of our stores, had sales decreases. In California, cooler weather severely impacted traffic. Record rainfall and flooding unfavorably impacted sales in our major Texas markets.”
Gap Inc. and Zumiez report results later today.