This story has been updated from 10:42 am ET with Gap's same-store sales numbers and closing stock prices.
NEW YORK (TheStreet) - Retailers that still report monthly same-store sales posted gains in June that exceeded Wall Street expectations.
Only 11 retailers still report the once famous monthly metrics, with more retailers - the latest was Target (TGT) - preferring quarterly metrics.
Excluding the drug stores, Walgreens (WAG) and Rite Aid (RAD), same-store sales exceeded estimates, registering 5.9% growth, up from the 4.8% estimate and 2.6% from a year earlier, Thomson Reuters said.Analysts predicted overall June sales to rise 3.6%. Including Gap, the overall June tally also came in at 4.8%, above expectations and significantly better than the 1.8% decline in the year-earlier period. "Some retailers used promotional activity during June to attract consumers, such as the Victoria's Secret semi-annual sale. The Gap was less promotional, and its summer dresses were a big hit with consumers trying to stay cool in the summer heat," a report by Thomson Reuters said. That said, "shopping mall traffic was stagnant in June, with consumers delaying shopping trips until the back to school shopping season begins later in the summer," the report said. Comparable store sales at Gap (GPS) had a strong showing in June. The company reported after the bell on Thursday that sales comps rose 7% from the prior year across its three largest brands - flagship Gap, Banana Republic and Old Navy. Analysts had predicted same store sales to rise 4.7% for the company. Store sales growth was fueled particularly by a 13% jump in Old Navy global comp sales, offset by a 1% decline in Banana Republic comp sales, the company said. Gap's net sales rose a healthy 8% to $1.53 billion for the five-week period ending July 6 over last year. Costco (COST), the largest of retailers to still report monthly sales, said U.S. and overall same-store sales in June each rose 6%, surpassing analysts' estimates of 5.2%. Costco said that changes in gasoline prices had a slight positive impact, while foreign exchange rates had a negative impact on comparable sales in the month. Costco's net sales of $9.92 billion for the month of June rose 8% over the same period last year. (Retailers such as Costco generally count the five weeks ending July 7 as its June period.) Department store Stein Mart (SMRT) said June comparable sales rose 6.5%, with linens, ladies' casual sportswear and ladies' boutique apparel posting the strongest sales last month, while men's sportswear, ladies' accessories and ladies' special sizes were not as strong. Total sales rose 2.6% to $109 million. The company had 262 stores as of the end of June.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV