NEW YORK — Same-store sales in June were mixed as retailers faced tough comparisons from last year.
Wal-Mart’s numbers continued to disappoint. The discount giant reported a June same-store sales increase of 1.2 percent, at the low end of its 1 percent to 3 percent prior estimate. Overall the mass segment was below industry expectations for the month. Target, by comparison, reported an increase of 4.8 percent, which was near the high end of its estimates.
The department store category saw modest increases, with all but one company reporting comps increases in June. Moderate department stores fared the best, with Kohl’s turning in a same-store sales gain of 7.1 percent over the previous year, above expectations. J.C. Penney also fared better than expected with a 4.3 percent increase in comps for June that lead the company to increase its earnings guidance. Federated Department Stores reported an increase, but missed its forecasted 2 percent to 3 percent estimate. It posted a 1.7 percent rise for the month.
The specialty category reported mixed figures that were in line with expectations. American Eagle, Ann Taylor and Zumiez were among the retailers that reported double-digit increases in June same-store sales. American Eagle’s 11 percent increase prompted the company to raise its second-quarter earnings guidance. Some retailers did not fare so well. Same-store sales at Gap, Banana Republic, and Old Navy decreased 4 percent, 4 percent and 6 percent, respectively, which were below previous predictions. Abercrombie & Fitch said it had a 4 percent decline in same-store sales, in line with estimates.
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