Nation's Retailers Report Solid May Sales
Thursday June 2, 8:14 am ET
By Anne D'Innocenzio, AP Business Writer
Nation's Retailers Report Solid Sales for May; Winners Include Nordstrom, Bebe, Wal-Mart
NEW YORK (AP) -- The nation's retailers turned in a solid performance during May, overcoming the effects of an unusually cold spring. As serchants began reporting their sales results on Thursday, the big winners were luxury stores such as Nordstrom Inc. and teen retailers like Bebe Stores Inc. Wal-Mart Stores Inc., the world's largest retailer, reported sales that matched analysts' modest estimates.
"I am looking at more positives than negatives right now," said Gint Rimas, analyst at Thomson Financial.
Wal-Mart said its sales at stores open at least a year, known as same-store sales, rose 2.5 percent. Wall Street analysts surveyed by Thomson Financial had forecast a 2.5 percent gain.
Costco Wholesale Corp. had a 5 percent increase in same-store sales, better than the 4.4 percent Wall Street estimate. Total sales rose 8 percent.
ShopKo Stores Inc. had a 7.2 percent decline in same-store sales, worse than the 2.8 percent projection. Total sales fell 6.7 percent.
Limited Brands Inc. had a 1 percent decrease in same-store sales, better than the 2.7 percent decline Wall Street expected. Total sales rose 4.9 percent.
Talbots Inc. had a 4.1 percent gain in same-store sales, better than the 3.4 percent estimate. Total sales rose 11 percent.
Bebe's same-store sales soared 40.3 percent, much higher than the 24 percent increase forecast. Total sales rose 54.5 percent.
Nordstrom had a 7.4 percent gain in same-store sales for the month, exceeding the 4.0 percent estimate. Total sales rose 9.3 percent.
On Wednesday, Neiman Marcus Group Inc. said its same-store sales rose 11 percent, surpassing the 6.2 percent analyst forecast. Total sales rose 10.2 percent.
On Tuesday, Kohl's Corp. said same-store sales edged up 0.2 percent, better than the 0.8 percent decline Wall Street projected. Total sales rose 10.2 percent. |
