U.S. retailers’ September sales came in generally well, with promotions helping remove back-to-school merchandise as preparations begin for the holiday season.
The 23 retailers tracked by Thomson Reuters reported a 5.1 percent rise in stores open more than a year, or same-store sales. The figure beat expectations for 4.6 percent and compares with 2.7 percent growth last year.
Target Corp. posted 5.3 percent same-store sales growth when 3.9 percent was expected. Macy’s Inc. showed 4.9 percent growth in same-store sales, ahead of expectations for 4.4 percent.
J.C. Penney Co. reported same-store sales fell 0.6 percent, when a 0.6 percent gain was expected. The department store now expects flat same-store sales for the quarter, not the 2 percent to 3 percent growth previously forecast, and cut a dime off its earnings per share target.
Kohl’s Corp. reported same-store sales increased 4.1 percent, when 2.2 percent was expected.
Luxury retailers Saks Inc. and Nordstrom Inc. posted September same-store sales that handily beat estimates.
Gap Inc. reported its September same-store sales fell 4 percent, in-line with analysts’ projections.
Costco Wholesale Corp., reported a 12 percent rise in September same-store sales, when 10.1 percent was expected. Nonetheless the warehouse club saw its margins hurt and said it is raising membership fees.
