Many of the nation's largest retailers with stores in the Triangle -- including Target, Macy's, Kohl's and The Gap -- reported September sales figures Thursday.
Many retailers beat analysts' expectations, and several were well into positive sales territory.
Industrywide, September sales were projected to slip by 0.8 percent, according to Retail Metrics, a Massachusetts firm that tracks store sales. Department stores were forecast to post the second-weakest segment results, down 5.3 percent (compared with a decline of 9.5 percent in September 2008), according to Retail Metrics’ monthly report. Only teen apparel chains were expected to be worse, with an expected sales decrease of 5.9 percent.
Here's a roundup of September retailer sales results as reported by the DBJ's sister papers in the companies' headquarters cities. (Check back through the dau for more retail results as they come in.)
• Target Corp. said its September comparable-store sales declined 1.7 percent, but the results were better than the retailer expected and they were strong enough for the company to predict it will beat analysts’ average estimate of 43 cents per share in the third quarter.
The Minneapolis-based retailer had “stronger than expected” margins in its retail and credit card segments, in line with its expectations.
“While our outlook for the third quarter has improved, we remain cautious in our expectations for fourth quarter results in both of our business segments,” Target CEO, Chairman and President Gregg Steinhafel said in a statement.
Total net retail sales for the five weeks ended Oct. 3 were $5.39 billion, up 1.3 percent from $5.32 billion in September 2008. The value of Target’s average transaction declined last month, but there was an increase in the number of total transactions.
Target (NYSE: TGT) said sales performance in commodity categories continued to be strong, led by health care, household/personal/baby, and beauty product categories, which had comparable-store sales increases from the low single-digit percentages to the low double-digits.
Comporable-store sales in food were essentially flat as retail price declines offset increases in unit sales.
September same-store sales in hard-line goods were “slightly-behind” the company’s own estimates, with stronger than average performance in electronics and weaker than average performance in entertainment.
Sales in the clothing and apparel category were slightly better than the company’s overall results, led by intimate-hosiery, jewelry and shoes. However, sales were weaker than average in newborn-infant-toddler and women’s apparel.
Comparable-store sales in the company’s home segment were down in the high single-digit percentage rate.
Sales were strongest in northern California and a broad set of Northeast and mid-Atlantic states, and weakest in Texas, Southern California and Florida.
For the month of October, the company said it expects comparable store sales will decline in the low single-digit range.
• Kohl's Corp. said it is raising its estimate for third-quarter earnings after same-store sales for September increased 5.5 percent over a year ago and total sales for the period increased 9.6 percent.
Total sales for the five-week period ending Oct. 3 were $1.46 billion, compared with $1.34 billion a year earlier, the Menomonee Falls, Wis.-based retailer (NYSE: KSS) said Thursday. Kohl’s does not release dollar figures for same-store sales.
The sales figures far exceeded an estimate of a 0.1 percent same-store sales increase, according to analysts surveyed by Thomson Reuters.
Total year-to-date sales were up 2.8 percent, to $10.22 billion, and comparable-store year-to-date sales decreased 1.7 percent. For the third quarter-to-date, total sales were $2.78 billion, up 7.2 percent, and comparable-store sales were up 2.9 percent.
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