Kohl’s, Macy’s and Saks top expectations in May, J.C. Penney disappoints
New York City Despite unseasonable weather throughout much of the country and a shift in the timing of the Memorial Day holiday, Kohl’s Corp., Macy’s and Saks managed to top Wall Street expectations in May.
At J.C. Penney, however, same-store sales slipped 1.8% in May, worse than the 0.6% decline predicted by analysts. Total sales for the four weeks ended May 26 fell 2.1% to $1.2 billion.
Kohl’s Corp. reported a 3.5% increase in comparable-store sales for the month of May on Thursday, continuing its upward trend for 2010. Results topped the expectations of management analysts, who expected an increase of 1.5%, on average.
The retailer reported $1.34 billion in sales for the four-week month ending May 29, a 6.6% increase in total sales over the four-week month ending May 30, 2009.
E-commerce increased more than 50% in May, continuing a trend from the first quarter, the company said. Sales were strongest in the Northeast and Southeast, and footwear showed the strongest same-store sales for the month.
“Our May results were better than planned as business improved during the last week of the month, offsetting some of the sales loss expected with the Memorial Day shift to fiscal June,” Kohl’s chairman Kevin Mansell
Kohl’s has reported a comparable-store sales increase every month in 2010 except April, when sales were hurt by an early Easter. Year-to-date, the Menomonee Falls, Wis.-based store is reporting $5.37 billion in sales. It is up 6.4% in comparable-store sales and 9.8% in total sales.
Macy’s said its same-store sales were up 1.4% in May, beating analyst expectations of a 0.9% increase.
The company reported total sales of $1.789 billion for the four weeks ended May 29, up 2.6% over last year. Online sales grew more than 23%.
“Our business trend strengthened toward the end of the month as the weather turned warmer and we approached Memorial Day. Our same-store sales in May would have been up by approximately 5% were it not for the later Memorial Day, which shifted the Sunday and Monday of the holiday weekend by one week into the June reporting period this year from the May reporting period last year,” said Terry J. Lundgren, chairman, president and CEO of Macy’s.
Upscale department store Saks said Thursday that its same-store sales rose 5.8% in May, beating analysts’ forecasts of a 4% increase. Overall revenue for the month climbed 6.9% to $177.4 million.
Macy’s celebrates Pride month
NEW YORK Macy’s announced that it has celebrating Pride month with a multitude of in-store fashion events, advertising support, special tribute windows in select stores, gift registry booths for same-sex couples in key cities, as well as sponsorship and employee participation in Pride parades across the country.
“We are proud to support our LGBTQ employees and consumers through initiatives that recognize and honor our commitment to diversity and inclusion,” said Corliss Fong, Macy’s vice president of diversity strategies. “Macy’s remains a steadfast supporter of inclusiveness in all aspects of our business and we join in celebration with millions across the nation who live with pride and joy this June.”
GameStop announces exec promotions
GRAPEVINE, Texas GameStop has announced the promotion of existing executives into new positions within the company.
The promotions include: Daniel DeMatteo, executive chairman, from CEO; J. Paul Raines, CEO, from COO; Tony Bartel, president, from EVP merchandising and marketing; and Robert Lloyd, EVP and CFO, from SVP and acting interim CFO.
“I am pleased to congratulate the team along with our board on the execution of this succession plan that has been two years in the making,” indicated Dan DeMatteo. “Paul, Tony, Rob and Mike are filling key positions that will allow GameStop to continue its growth both here and internationally. This includes expansion into new markets and continued focus on strategic initiatives such as our new loyalty program, downloadable content (DLC) marketing and sales, and the evolution of GameStop.com into a robust digital platform.”