Large Retailers Meet Modest Expectations for June
Sales at some of the nation's largest retailers are meeting modest expectations for June, the latest weekly sales figures indicate.
At Bentonville, Ark.-based
Wal-Mart
(WMT) - Get Report
, the nation's largest retailer, same-store sales, which measure activity in shops open at least a year, were above plan last week, the company said Monday in its weekly sales call. Overall, sales are in the upper range of a planned 3% to 5% increase for June, the company said. The gains were led by food, and sales were strongest on the West Coast and the Northeast.
Shares recently traded down 13 cents at $49.85.
Meanwhile, at
JC Penney
(JCP) - Get Report
, based in Plano, Texas, sales were above plans in its core department store business. The company had planned for a flat to slight decline in same-store sales in June, but now expects a low-single-digit increase. Sales at its catalog division are meeting plans for a more than 20% decline, while sales at the company's drugstores are on plan for a high-single-digit increase.
Shares in JC Penney were off $1.04 at $24.88.
At Troy, Mich.-based
Kmart
(KM)
, the other large retailer that reports weekly sales figures, sales are on the low end of the company's plan for a flat to 2% gain in same-store sales.
Shares were off 18 cents at $11.62.
Most retailers will report June same-store sales on July 5, figures that will be closely watched by investors and analysts eager to see which direction the consumer economy is heading.