Macy’s, Kohl’s outperform J.C. Penney in June
New York City — With same-store sales increases of 6.7% and 7.5% respectively, Macy’s and Kohl’s outperformed rival J.C. Penney in June, as J.C. Penney came up short of Wall Street estimates with a slight 2% gain.
Macy’s saw total sales rise 7.5% in June to $2.4 billion.
“Sales growth in June exceeded our expectations,” said Terry J. Lundgren, chairman, president and CEO. “Once again, the growth came from across the company — Macy’s and Bloomingdale’s stores and online sites.”
Macy’s is again raising its guidance for second quarter sales.
Kohl’s blew past Wall Street expectations in June, as it recorded a same-store sales rise of 7.5% against an estimated 2.9% increase by Thomson Reuters. President and CEO Kevin Mansell credited good weather for the strong performance. Total sales rose 9.2% to $1.75 billion.
J.C. Penney disappointed with a 2% rise in same-store sales for June, as Wall Street expected a 2.3% increase. Total revenue dipped 0.3% to $1.55 billion. Citing a weaker-than-expected retail environment for mid-priced shoppers, J.C. Penney lowered its guidance for the second quarter.
In other department store same-store results for June:
- Nordstrom same-store sales increased 7.9%.
- Dillard’s same-store sales rose 6%, and total sales rose 5% to $2.4 billion.
- Bon-Ton Stores same-store sales dipped 0.9%.
- Stage Stores same-store sales rose 1.8%, edging expectations.
ICSC forecasts back-to-school sales up 3%
New York City — The International Council of Shopping Centers is forecasting an increase of 3% to $39 billion in total sales over the three-month back-to-school shopping season.
According to ICSC on Thursday, sales for the back-to-school season — typically the second-largest driver of the year — are predicted to be healthy.
“The 2011 retail environment is a bit different from 2010 and while we expect this year to be slightly more moderate than last, the overall message from this projection is that sales are still likely to be quite healthy,” said Michael P. Niemira, chief economist and director of research for ICSC. “While there have been some marginal improvements in both consumer confidence and the unemployment rate, compared to the lead-in to the 2010 back-to-school season, the rise in cotton prices has lead to increased prices on apparel, a key category in back-to-school spending.”
The Commerce Department has segmented retail back-to-school sales categories as family clothing, shoes, electronics and books. According to ICSC’s forecast, in 2011 family clothing and shoes will be the strongest performing segments, posting 3.5% gains, while books will be the weakest segment with a 1.5% increase.
PriceSmart profit, sales up in Q3
San Diego — Warehouse club operator PriceSmart reported Thursday that net income for the quarter ended May 31 rose to $16.3 million, compared with $12 million in the year-ago period.
Sales surged 23.6% to $421.6 million, from $341.2 million.
The company had previously announced it acquired 131,524 sq. ft. of land in Cali, Colombia, upon which it will build its second warehouse club in Colombia.