June Sales Showing Weakness at Retailers - TheStreet

June Sales Showing Weakness at Retailers

Wal-Mart, Kmart and J.C. Penney all report mixed results.
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The American consumer continued to show caution in the first weeks of June, the latest weekly sales figures from three of the nation's top retailers indicate.

Sales at Bentonville, Ark.-based

Wal-Mart

(WMT) - Get Report

, the largest retailer in the world, were below plan at the company's core discount stores. But sales were above plan at its

Sam's Club

division, putting the company within its planned range of a 3% to 5% increase in comparable-store sales, which measure activity in shops open at least a year, for June. Shares were off 31 cents to $50.71.

At

Kmart

(KM)

, based in Troy, Mich., sales were below the company's plans for up to a 2% increase in comparable-store sales. Its shares were off 39 cents to $10.81 in recent trading.

Meanwhile,

J.C. Penney

(JCP) - Get Report

, based in Plano, Texas, said

same-store sales at its core department stores were above plans for a flat to slightly lower performance. At its catalog division, sales were on plan for a decline in the high 20% range. Sales at its drugstores were on plan for a high-single-digit percentage increase. Shares were off 44 cents to $23.25.

In the beginning of the year, as consumer spending slowed, many analysts predicted a rebound in the second half of the year. Now, many have moderated that view, especially following the recent release of

May sales from the nation's retailers, which fell short of most expectations.