New York City Target Corp. said same-store sales rose 1.3% in May as consumers came to the cash register more but spent less on each trip. The results fell short of the company's own expectations but inched above analyst expectations of a 1.2% gain, according to a survey by Thomson Reuters.
Total sales for the period rose 4% to $4.62 billion. Year-to-date, same-store sales were up 2.5%, while total sales increased 5% to $19.78 billion.
CEO Gregg Steinhafel said in a statement he expects the company "will continue to experience volatility in the pace of economic recovery."
Target said grocery, healthcare and beauty products were strong sellers, while electronics were weaker. California and Arizona were the weakest regions.
TJX Cos. said Thursday that its same-store sales rose 4% in May, topping forecasts for a 2.7% increase.
The owner of T.J. Maxx, Marshalls and HomeGoods said overall revenue for the month rose 8% to $1.6 billion. Results were strongest in the Northeast.
Ross Stores also turned in a strong performance in May, as same-store sales jumped 5%, ahead of the forecast of 4%. The discounter said total sales rose 9% to $614 million for the four weeks ended May 29.
Costco Wholesale Corp. reported a 9% gain for in same-store sales for May, below the 9.7% increase analysts polled by Thomson Reuters had expected. The company noted that the Memorial Day holiday fell in the reporting month of May last year but not this year.
For the four weeks ended May 30, same-store sales rose 7% in the United States and 17% internationally. Excluding gas price inflation and the weaker dollar, revenue in stores open at least one year rose 5%.
Total sales for the period rose 11% to $6.09 billion, from $5.47 billion last year.
At BJ's Wholesale Club, May revenue improved on strong gasoline sales. The warehouse club operator’s same-store sales rose 6.8%, better than the 6.6% gain expected by analysts.
However, excluding revenue from gasoline sales the measure climbed just 3.5%, missing the 4% jump on that basis that analysts had expected.
Overall revenue for the month rose 11.3% to $871.9 million. Sales of food rose by 6%, while customers bought slightly less general merchandise.
Other same-store sales results include:
- Fred's said its sales climbed 3.5%, better than the 2.7% increase forecast by analysts. Revenue in May was up 5% to $141.5 million.