New York Macy’s Inc. and J.C. Penney both reported same-store sales for June that were above analysts expectations. Kohl’s same-store sales were also up, but not as much as Wall Street expected.
Macy's Inc. said Thursday that its same-store sales climbed 6.5% in June and beat Wall Street forecasts. Overall revenue for the month rose 9% to $2.23 billion from $2.04 billion in June last year.
"We are pleased with our sales in June," chairman and CEO Terry J. Lundgren said in a statement. "We remain on track in our drive for sales and market share growth, improved earnings and strong cash flow."
J.C. Penney Co. said strong clothing sales helped lift same-store sales by 4.5% in June, a bigger jump than analysts had expected. Total revenue for the five weeks ended July 3 rose nearly 4% to $1.55 billion from $1.49 billion. Regular price and sale clothing in the men's, women's and children's departments sold well, the company said. The men's division continued to deliver the best results, driven by Father's Day gifts.
At Kohl’s, same-store sales rose 5.9%, but that wasn't as much as analysts expected. Total sales for the five weeks that ended July 3 rose 9.1% to $1.61 billion from $1.47 billion last year.
CEO Kevin Mansell said in a statement that the month's results benefited from a late Memorial Day and stronger sales early in June. He said online sales also improved and have risen nearly 50% so far in 2010, compared with the same period a year earlier. Sales were strongest in the west and southeast and in footwear and men's items.
In other same-store sales results for June:
• Saks Inc.’s said its sales rose 2.5%, topping Wall Street forecasts. • Nordstrom, reported a 14.1% increase. •Dillard’s sales were up 2%, beating analysts' expectations for a decline. Regionally, the Eastern seaboard performed well, while the Central and Western regions were weaker.