The first trickling of June same-store sales reports from specialty retailers showed that apparel buying was strong during the month, as several companies reported higher-than-expected results after the bell Wednesday.
posted a huge 21.3% jump in June same-store sales with overall sales in the month up 51.6% at $69.6 million. In comparison, the
consensus had been calling for a 12.3% increase in June same-store sales.
"Our June results reflect the timely sell through of our summer merchandise as well as a strong customer reaction to our back to school assortment. We ended the month with appropriate inventory levels and we continue to believe that we are well positioned for the back to school selling season," the company said in a statement.
Shares of Aeropostale were down slightly in post-close trading, but had closed the regular session up 8% at $28.77, boosted by news that the stock is now part of the S&P MidCap 400 index.
American Eagle Outfitters
said same-store sales jumped 7.6% overall -- beating estimates for a 6.6% increase -- with total sales in the month up 17.6% to $150.8 million.
As a result, the company raised its second-quarter earnings estimate to 30 cents to 32 cents a share, up from a prior estimate of 26 cents to 28 cents a share and above analysts' consensus for 29 cents a share. American Eagle earned 11 cents a share in the year-earlier period.
American Eagle shares were moving 14 cents higher to $30.40 in after-hours trading; they closed the regular session up 62 cents, or 2.1%, at $30.26.
posted a 6.7% rise in same-store sales, while total sales were up 9.9% at $151.8 million in the five weeks ended July 3. Estimates were calling for a same-store sales rise of 4%.
The company said its stores were closed on Independence Day, but because the holiday fell in the July reporting period this year, rather than last year's June period, sales in June remain strong.
The stock was moving up 65 cents, or 2.5%, at $26.58 in after-hours action, after previously ending the Wednesday session up 0.5% at $25.93.
same-store sales dropped 0.4% -- below the
estimate for a 0.9% increase -- while total sales surged 20% to $51.1 million. Consequently, the company forecast second-quarter results below the Wall Street consensus.
The retailer said new merchandising assortment changes went into affect later than expected in June, contributing to the company's decision to also forecast flat same-store sale results for the second quarter Wednesday. Additionally, second-quarter earnings are now seen at 13 cents a share vs. the analyst expectation for 14 cents a share, according to Thomson First Call.
Shares of Hot Topic were dropping $1.15, or 5.5%, at $19.60 in post-close action, after previously closing down 35 cents, or 1.7%, at $20.75.