2nd UPDATE: February US Same-Store Sales Show Strength
02 3월 2012 - 12:35AM
Dow Jones News
Retailers turned in solid sales for February as warmer weather
brought out shoppers for spring wear and holiday sales.
Consumers came out for spring clothing that retailers began
displaying during the month -- in many cases with bright colors
offering some freshness. Analysts said some shoppers bought with
money they didn't spend on apparel for a frigid winter that didn't
come.
"It is easier to consider purchasing tanks and dresses when it
is snowless and 50 degrees out," said Howard Tubin, retail analyst
at RBC Capital Markets.
The 18 retailers that report same-store sales, or sales at
stores open more than a year, showed 6.4% growth in February, when
4.8% was expected, according to Thomson Reuters. The figure
compares with 4.7% a year ago.
The three-day Presidents Day weekend and Valentine's Day were
events that drew some extra buying. The National Retail Federation
said the average person celebrating Valentine's Day spent $126.03,
up 8.5% from last year's $116.21, and the highest in the survey's
10-year history. Last year, shopping over these holidays was
constrained by more severe weather. Total spending for Valentine's
Day this year was expected to reach $17.6 billion compared with
$15.7 billion last year.
Target Corp.'s (TGT) same-store sales rose 7% when 5.2% was
projected. "February sales were well above our expectations, due to
stronger-than-expected [customer] traffic combined with a solid
increase in transaction size," said Chief Executive Gregg
Steinhafel.
Macy's Inc. (M) reported a 4.6% rise in comparable-store sales,
when 3.5% was expected. "Our fiscal 2012 is off to a good start
with February sales that exceeded our expectations," Chief
Executive Terry Lundgren said. The retailer saw good response to
early spring merchandise in women's apparel, and continued strong
trends in accessories, shoes, cosmetics, men's and home, "which
bodes well for the months ahead," Lundgren said.
Fellow department store Kohl's Corp. (KSS) posted a 0.8% drop in
same-store sales, when flat sales were expected. Kohl's had said
when it reported fourth-quarter earnings that it expected February
to be slightly below first-quarter guidance that called for a
same-store rise of 1%.
Gap Inc. (GPS) posted a 4% rise in same-store sales compared
with a 3% decrease a year ago and expectations for a 1.4% drop. All
units except international showed sales growth. Customers
"responded well to our spring product," Chief Executive Glenn
Murphy said. Backing out the effects from the Easter shifts in the
calendar, the 4% rise was Gap's best since 2004.
TJX Cos. reported a 9% rise in same-store sales when a 7% gain
was expected. "We believe that very favorable weather patterns
during the month helped boost demand for spring apparel," said
Chief Executive Carol Meyrowitz, adding that customer traffic rose
at all divisions.
On the higher end, Nordstrom Inc. (JWN) reported same-store
sales rose 10.2%, when 5.6% was expected. Nordstrom said the month
included a shift in the timing of a shoe clearance sale relative to
last year. The event improved total February same-store sales by
about 200 to 250 basis points and will reduce total March
same-store sales by roughly 150 to 200 basis points. Saks Inc.
(SKS) said same-store sales increased 6.6%, when analysts projected
5.5%. The strongest categories included women's and men's
contemporary apparel, handbags, and men's accessories, shoes, and
furnishings.
Limited Brands Inc. (LTD), which benefits from Valentine's Day,
reported an 8% rise in same-store sales, when 6.2% was expected.
Same-store sales at the company's Victoria's Secret stores rose
10%, with growth driven by strength across all categories.
Costco Wholesale Corp. (COST) on Wednesday posted a 7% rise in
U.S. same-store sales excluding gasoline, when 6.5% was
expected.
Buckle Inc.'s (BKE) February same-store sales grew 14.8%, well
ahead of expectations for 5.8%. Fellow teen retailer Wet Seal Inc.
reported a 5.8% drop, when a 9% decline was projected. Online sales
fell 24% for the month. "We remain cautious about near-term sales
expectations in light of our recent business trend," Wet Seal Chief
Executive Susan McGalla said.
J.C. Penney Co. (JCP) and Dillard's Inc. (DDS) both said last
month they would no longer be reporting same-store sales on a
monthly basis. J.C. Penney began doing so as it revamps its selling
approach, but said last week the month's sales were trending below
a year ago. Dillard's said limiting the report of same-store sales
to quarterly results "provides a more complete representation of
the company's performance."
"The retailers that had a tailwind going into the February
season continued to drive sales increases," said Joel Bines,
managing director in the retail practice at AlixPartners. "It's a
fight for market share among retailers rather than a rising tide,
and those with momentum are winning out."
-By Karen Talley, Dow Jones Newswires; 212-416-2196;
karen.talley@dowjones.com
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