Analysts did not have high hopes for apparel retailers in July, due to very hot weather in some areas and the increasing tendency of some shoppers to time their purchases with tax holidays or wait until school starts to see what other kids are wearing first.
The July picture was made more complicated because of some quirks in the retail calendar. Sales for the first week of August, a key back-to-school week, were reported in this year's July period, which helped July figures but should reduce business for August. And results were depressed by a shift in a tax-free sales week to August in two critical states, Florida and Texas, which analysts say helped delay shopping.
Wal-Mart Stores Inc. said same-store sales at stores rose 1.9% in July after it cut prices on back-to-school items to drive shoppers into its stores. The increase was better than analysts had expected and toward the top end of the company's forecast.
Wal-Mart said it was encouraged by positive early signs in its back-to-school categories but that the apparel and home businesses continued to be soft and are expected to remain so through the third quarter.
Target saw its same-store sales rise 6.1%, just ahead of the 5.9% forecast as both traffic and receipts for the average transaction rose. The biggest sellers were health-care products, stationery and consumables.
J.C. Penney Co. said same-store sales rose 10.8%, above Wall Street's 9.8% forecast.
Macy's Inc. same-store sales fell 1.4% in July, while analysts expected a 1.5% drop. Dillard's Inc. said same-store sales fell 6% in the month, hurt by weak sales of juniors and children's apparel.
Kohl's Corp. said same-store sales were flat from the same period a year ago. In the high-end market, Nordstrom Inc. reported same-store sales jumped 9.4% in July, beating analyst expectations of a 4.2% gain. Saks Inc., meanwhile, said same-store sales rose 14.9% in July, a bigger rise than the 10.7% rise analysts predicted.
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