The June numbers are out and some of the nation's biggest department store chains posted mixed results for the month.
reported higher monthly sales than Wall Street expected, while
Federated Department Stores
disappointed analysts and investors.
Sears said same-store sales in domestic locations fell 0.5% in June, but the company expects earnings for the second quarter to beat the consensus forecast. Analysts expected the company's comparable sales to fall 2.3% in June.
Sears also projected second-quarter earnings of 96 cents a share, excluding one-time items. The current estimate is 92 cents. The company earned $1.05 in the year-ago period. Sears also expects to record $810 million in pretax charges for one-time items in the second quarter. Total domestic store revenue for June was relatively flat at $2.81 billion.
J.C. Penney said sales at comparable department stores rose 3.8% for June, well ahead of analysts' projections of a 1.6% increase. Total department store sales rose 1.2% to $1.23 billion for the month. Same-store sales at the company's Eckerd drugstore chain rose 7% for the month. Total sales for the unit climbed 5.8% to $1.28 billion.
The company also said it was comfortable with Wall Street's forecast for the second quarter, which calls for Penney to lose 20 cents to 25 cents a share.
Then there's Federated. The owner of
lowered its guidance for the second quarter and full year earlier this month, and the bleeding continued as the company said same-store sales for June fell 6.4% while overall sales dropped 10.4%.
Analysts were looking for a 3.5% decline. Total sales fell to $1.41 billion for June, down from $1.57 billion in the same month last year. The company attributed the shortfall, in part, to the downsizing of
and the closing of its
(For a broader look at how the retailers fared in June, check out Tim Arango's
Retailers Rally Even as Results Disappoint.)