Kohl's same-store sales fall 5.6 percent in June

MENOMONEE FALLS, Wis. - Kohl's Corp. said Thursday its same-store sales fell 5.6 percent in June as summer clothing sales suffered, but the department store operator's results still beat Wall Street's expectations.

Analysts polled by Thomson Reuters forecast a 6.8 percent same-store sales decline.

Same-store sales, or sales at stores open at least a year, are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones.

Total sales for the five weeks ended July 4 dipped 1.5 percent to $1.47 billion.

Kohl's President and CEO Kevin Mansell said in a statement that June sales exceeded the company's expectations.

"We achieved positive comparable-store sales increases in the Southwest region, with the strongest performance in California, and in accessories and home from a line-of-business perspective," Mansell said. "Apparel businesses were affected by sluggish demand in seasonal categories such as shorts, polos, and swimwear."

For the year-to-date period, same-store sales fell 3.8 percent, while total sales grew less than 1 percent to roughly $6.37 billion.

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