June Retail Sales Headed for Modest Gain
Retailers will be announcing June same-store sales this week, and industry research firm Retail Metrics is now predicting sales growth of just 1% for the month. The past weekend’s storms on the East Coast and the impact of tropical storm…
Excluding the effects of Walgreen Co.’s (NYSE: WAG) of its Express Scripts Inc. (NASDAQ: ESRX) prescription drug business, projections for department store sales have dropped by 0.6% since the beginning of June to an expected growth of 1.7%. The forecast for Kohl’s Corp. (NYSE: KSS) dropped to -2.5%, while Macy’s Inc. (NYSE: M) is expected to post growth of 2.4% and Nordstrom Inc. (NYSE: JWN) is expected to improve by 0.2% from earlier expectations.
The TJX Companies Inc. (NYSE: TJX) and Ross Stores Inc. (NASDAQ: ROST) forecasts improved by 20 basis points since the end of last week. Other retailers helping to prop up the sector are Michael Kors Holdings Ltd. (NYSE: KORS) and Zumiez Inc. (NASDAQ: ZUMZ).
Weighing the sector down are O’Reilly Automotive Inc. (NASDAQ: ORLY), Bed, Bath & Beyond Inc. (NASDAQ: BBBY), and Abercrombie and Fitch Co. (NYSE: ANF).
Paul Ausick
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.