Retail Sales Figures Rise at Most Stores (COST, TGT, M, KSS, JWN, SKS, GPS, TJX, ROST, SSI, LTD, SMRT, WTSLA, BKE, ZUMZ)

May 31, 2012 by Paul Ausick

Retailers are reporting May same-store sales today and it looks like the predictions for modest growth are being realized. Research firm Retail Metrics Inc. forecast that same-store sales would grow by just 1.8%, although excluding drug stores hikes the growth rate to 3.7%. Retailers also have to contend with comparisons to May 2011, when sales jumped 5.5%.

So far this morning we have sales figures from Costco Wholesale Corp. (NASDAQ: COST), Target Inc. (NYSE: TGT), Macy’s Inc. (NYSE: M), Kohl’s Corp. (NYSE: KSS), Nordstrom Inc. (NYSE: JWN), Saks, Inc. (NYSE: SKS), Gap Inc. (NYSE: GPS), The TJX Companies Inc. (NYSE: TJX), Ross Stores Inc. (NASDAQ: ROST), Stage Stores Inc. (NYSE: SSI), Limited Brands Inc. (NYSE: LTD), Stein Mart Inc. (NASDAQ: SMRT), Wet Seal Inc. (NASDAQ: WTSLA), Buckle Inc. (NYSE: BKE), and Zumiez Inc. (NASDAQ: ZUMZ).

Costco reported same-store sales growth of 4%, compared with a Thomson/Reuters estimate of 4.3% growth. Total sales rose 7%, and same-store sales excluding gasoline and currency effects rose 6% in May.

Target reported same-store sales growth of 4.4%, well above the consensus estimate of 3.5%.

Macy’s same-store sales growth came in at 4.2%, against an estimate of 4% growth.

Kohl’s posted a same-store sales drop of -4.2%, much lower than the consensus drop of -1.2%. The company also said it expects second quarter same-store sales to be “modestly negative.” That has sent shares down about -4.8% in the first 10 minutes of trading this morning.

Nordstrom’s same-store sales rose 5.3%, versus an estimate of 4.7%.

Saks sales grew 4% compared with an estimate of 2.5%.

Gap stores reported same-store sales rose 2% in May, compared with an estimated gain of 3.1%.

TJX stores posted a same-store sales gain of 8%, compared with an estimate of 5.3%. The company now says that it expects EPS at the top end of its previously announced range of $0.47-$0.50. Analysts had been expecting EPS of $0.51, so TJX is not getting much of a share price bump.

Ross Stores grew sales 8% as well, much better than the estimated 5.3% growth. The company reiterated its forecasts for a same-store sales increase of 3%-4% in June and 2%-3% in July, “while we hope to do better.”

Stage Stores posted a same-store sales gain of 8%, much better than a forecast gain of 2.2%. This is the highest May increase in 10 years.

Limited Brands posted same-store sales growth of 6%, nicely above the estimate of 4.7%.

Stein Mart posted a higher-than-expected same-store sales gain of 3.1%, compared with the consensus estimate of 0.5%.

Wet Seal reported that same-store sales dropped by -8.8% in May, compared with an estimated decline of -8.3%. The company had the wrong mix at its stores and e-commerce sales fell -5%.

Buckle posted same-store sales growth of 0.2% in May, compared with an estimate of 3.3%. The company did not elaborate.

Zumiez reported same-store sales growth of 13.7% in May, compared with an estimate of 6.6% growth.

Paul Ausick

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