New York City Department stores continued to struggle in April, although several chains turned in results better than expected and upgraded their quarterly guidance.
Macy’s said Thursday that same-store sales fell 9.1% in April, a bigger drop than analysts forecast. However, the company upgraded its first-quarter profit outlook.
Total sales for the four weeks ended May 2 fell 9% to $1.69 billion. Year-to-date, same-store sales fell 9%, while total sales fell nearly 10% to $5.2 billion. Analysts expected sales of $5.24 billion.
Despite soft demand for apparel and housewares, Macy’s continues to be encouraged by results from its “My Macy’s” pilot program, launched one year ago, said spokesman Jim Sluzewski. The program is designed to customize merchandise on a store-by-store basis and was launched primarily in the Midwest, including in Cincinnati.
Kohl’s Corp. said Thursday that its same-store sales fell 6.2% in April, which was less than expected, and the company boosted its quarterly guidance as a result. Net sales fell 2.3% to $1.2 billion for the month.
Net sales for the three months that ended May 2 rose 0.4% to $3.64 billion, up from $3.62 billion during the same period last year. Same-store sales fell 4.2%.
The sales, combined with better inventory management and expense controls, prompted the chain to boost its first-quarter guidance.
J.C. Penney Co. said Thursday that same-store sales fell 6.6% in April, as sales of spring apparel and Easter-related merchandise were offset by one less selling day. Results were better than the 9% to 12% decline the company predicted.
Sales of Easter merchandise and spring apparel were offset by one less selling day due to store closings on Easter and weak jewelry sales. Total sales for the four-week period ended May 2 fell 5% to $1.27 billion. For the quarter, same-store sales fell 7.5% and total sales fell 6% to $3.88 billion.