New York City Both Kohl's Corp. and J.C. Penney beat analysts’ expectations in December.
Kohl’s said Thursday that same-store sales dipped 1.4% in December, beating analysts' forecast of a 5.5% decline. Kohl’s said it was helped by a boost from last-minute shoppers and strong post-Christmas business.
Total sales for the five-week month ended Jan. 3 rose 3.6% compared with the prior-year period.
For the year-to-date period, same-store sales fell 6.6%, while total sales lost 0.1%.
For January, Kohl's projected a same-store sales decline in the mid- to high-teens percentage range, noting that the month is heavily driven by end of season clearance.
J.C. Penney Co. said Thursday its same-store sales fell 8.1% in December, better than the company's guidance for a low double-digit decline. Analysts had projected a 10.3% decrease.
The company said promotional price cuts helped boost sales around Christmas, partially offsetting weaker sales earlier in the month. Women's clothing and accessories and shoes did well while fine jewelry continued to see softer sales performance, the company said.
Total sales fell 6.8% to $2.96 billion.