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Retailers Get Big Sales Boost From Rebate Checks
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One of the largest sales surprises came from The Buckle [BKE
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], which posted a 34.7 percent increase in same-store sales, far exceeding the 13 percent estimate.
Children's Place [PLCE
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] also had a strong showing will its same-store results up 10 percent, compared with a 4.3 percent average analyst estimate.
J.C. Penney topped analysts' estimates by posting a narrower-than-expected decline in same-store sales. The department store chain [JCP
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] said its same-store sales fell 4.4 percent, compared with the 5.8 percent decline analysts forecast.
High-end retailer Nordstrom [JWN
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] also fared well, helped by a decision to move up a sale event to an earlier time of the year.
Nordstrom same-store sales jumped 10.9 percent, compared with the 8.1 percent estimate from analysts.
But that strategy came back to punish Saks [SKS
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], which suffered in May from shifting a clearance sale into the month of April.
Same-store sales tumbled 8.7 percent at Saks, hurt by the timing of the sale and weak sales of women's apparel. That decline was bigger than the 7.5 percent drop analysts expected.
In general, sales of clothing were hurt the weather in May, which was the coldest since 2002, according to Planalytics.
Also falling short of analysts' estimates were SteinMart, Bon-Ton Stores, Limited Brands, and Gap.
SteinMart [SMRT
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] has posted the worst results so far with a decline in same-store sales of 12.4%, a wider decrease than the 9.5% mean decline estimate of three Wall Street analysts.
Bon-Ton Stores [BONT
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] posted the biggest miss, with a same-store sales decline of 9.9%. Two analysts had expected a decline of 5% for the month.
Limited [LTD
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], the owner of Victoria's Secret and other stores, posted a a 6 percent decline, versus an estimate of down 5.5 percent.
Gap posted a 14 percent drop in same-store sales, compared with an average estimate of 9.5 percent. Gap [GPS
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] has been hurt by its struggling Old Navy unit.
Target [TGT
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] also fell slightly short of analysts' estimates. The company said its same-store sales fell 0.7 percent, compared with an estimated decline of 0.2 percent from analysts.
-Reuters and AP contributed to this report.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
