New York City Department store retailers turned in mixed results in October, with luxury retailers Saks and Nordstrom exceeding Street views.
Nordstrom said its October same-store sales rose 6.5%, ahead of analyst expectations for a 3% gain. Total sales for the four weeks ended Oct. 31 rose 15% to $607 million, from $529 million a year ago.
J.C. Penney said its October same-store sales fell 4.5% in October, better than what the company forecast, but below the analyst estimates of a 2.3% decline. The company raised its third-quarter earnings forecast slightly.
Total sales for the four weeks ended Oct. 31 fell 3.5% to $1.31 billion. The retailer said it now sees same-store sales for the four-week period ending Nov. 28 decreasing 4% to 7% from last year's period.
J.C. Penney said women’s apparel and shoes were the top-performing merchandise divisions in October, while fine jewelry continued to experience weaker sales. The southwest region was the best-performing region in October, and the southeast region had the softest sales during the month. The chain said it experienced sales that were better than expectations during the first two weeks of the period, but sales turned softer and were below expectations the final week.
At Kohl's Corp., same-store sales rose 1.4%, and total sales increased 4.9% as the chain increased its projection for third-quarter earnings. Analysts, on average, had expected same-store sales to rise 6.2%, according to Thomson Reuters.
In other department store same-store sales results:
For third quarter 2009, Macy’s total sales were $5.276 billion, a decrease of 3.9% compared with total sales of $5.493 billion in the same 13-week period last year. On a same-store basis, Macy’s third-quarter sales were down 3.6%. Online sales jumped 34.6% in October, and 21.1% in the third quarter.
Year-to-date, sales in stores open at least one year fell 7.5%, and total sales fell 7.8% to $16.96 billion.