Helped by hot weather and clearance sales, many retailers reported solid results in July, a month that can be slow leading up to the back to school shopping season. Some of the strongest showings in the month were in the department store category, as all those reporting showed July gains.
Macy’s led the pack with a 4.1% same-store rise in sales. Total sales increased 5.1% to $1.7 billion over the four-week period. “Despite some challenges from a sluggish macroeconomic environment and a temporary disruption of sales from the remodeling project at our Herald Square flagship store in New York City, the spring season met our expectations,” said Macy’s president and CEO Terry Lundgren.
Kohl’s reported a lesser 1.7% gain in same-store sales, with total sales up 3.4%. “We are pleased with the improvement in July’s comparable store sales,” said Kevin Mansell, president and CEO.
Other department store July results include: Nordstrom same-store sales edged up 0.9%; Saks increased 3.5%; Bon-Ton Stores rose a slight 0.1%; and Stage Stores gained 5.3%, beating the 2.2% rise expected by Wall Street.
Source: retailingtoday.com
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