AddThis

Retailers report tepid same-store sales for September

New York -- Retailers reported somewhat disappointing same-store sales for September.  While only a handful of chains still report their monthly revenues, the tepid results of those that do raised concerns about the upcoming holiday season.
    
Gap Inc. reported that its same-store sales in September 2013 net sales were down 3% versus a 6% increase for September 2012. Net sales were flat compared with last year, totaling $1.46 billion compared with net sales of $1.45 billion for the year-ago period.

"While September proved to be somewhat challenging, we remain steadfast in our commitment to deliver on our full-year goals," said Glenn Murphy, chairman and CEO of Gap Inc.

In other September same-store sales results:

  • L Brands Inc. (formerly Limited Brands) said sales rose 1%, short of Wall Street's view. It also said it plans to sell $500 million in new debt.
  • The Buckle reported a 4.5% drop, below market expectations for a 1.2% increase, according to Thomson Reuters.
  • Cato Corp. reported a 3% drop.
  • Stein Mart’s sales increased 5%, driven by strength in linens, women's clothing and gifts.
  • At Zumiez, sales fell 0.6%, in line with what analysts were expecting.
© 2014