Excluding drug stores, same-store sales for the month rose 4.8%, 1.4% higher than the 3.4% expected gain. The biggest gainer was Gap Inc.’s (NYSE: GPS) Old Navy chain, which posted a gain of 13%. Wet Seal Inc. (NASDAQ: WTSLA) posted the largest decline, a drop of 9.7%.
Including drug stores, same-store sales rose just 1.7%, slightly below the Retail Metrics estimate of a 1.8% gain.
One bit of bad news in Retail Metrics’ final numbers: the number of stores lowering quarterly earnings per share (EPS) guidance outnumbered those raising guidance by 7 to 2. Kohl’s Corp. (NYSE: KSS), Macy’s Inc. (NYSE: M), Bebe Stores Inc. (NASDAQ: BEBE), The Cato Corp. (NYSE: CATO), Fred’s Inc. (NASDAQ: FRED), Target Corp. (NYSE: TGT), and Wet Seal all lowered guidance while only The TJX Companies Inc. (NYSE: TJX) and Ross Stores Inc. (NASDAQ: ROST) raised guidance. This likely means that sales improvements came at the expense of margins.
Paul Ausick
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.