Macy’s, Kohl’s outperform J.C. Penney in June
New York City -- With same-store sales increases of 6.7% and 7.5% respectively, Macy’s and Kohl’s outperformed rival J.C. Penney in June, as J.C. Penney came up short of Wall Street estimates with a slight 2% gain.
Macy’s saw total sales rise 7.5% in June to $2.4 billion.
“Sales growth in June exceeded our expectations,” said Terry J. Lundgren, chairman, president and CEO. “Once again, the growth came from across the company -- Macy’s and Bloomingdale’s stores and online sites.”
Macy’s is again raising its guidance for second quarter sales.
Kohl’s blew past Wall Street expectations in June, as it recorded a same-store sales rise of 7.5% against an estimated 2.9% increase by Thomson Reuters. President and CEO Kevin Mansell credited good weather for the strong performance. Total sales rose 9.2% to $1.75 billion.
J.C. Penney disappointed with a 2% rise in same-store sales for June, as Wall Street expected a 2.3% increase. Total revenue dipped 0.3% to $1.55 billion. Citing a weaker-than-expected retail environment for mid-priced shoppers, J.C. Penney lowered its guidance for the second quarter.
In other department store same-store results for June:
- Nordstrom same-store sales increased 7.9%.
- Dillard’s same-store sales rose 6%, and total sales rose 5% to $2.4 billion.
- Bon-Ton Stores same-store sales dipped 0.9%.
- Stage Stores same-store sales rose 1.8%, edging expectations.