J.C. Penney Co. scored a better-than-expected April, while Neiman Marcus Inc. said sales declined, and Zale Corp.'s heavy discounts raised its third-quarter sales.

Those selling gasoline last month, such as Wal-Mart Stores Inc. and Costco Wholesale Club, got a bump in sales, but most retailers don't have pumps in their parking lots.

Pure merchandise sales presented a different picture of April, according to results released Thursday by major U.S. chain stores.

Luxury retailer Saks Inc. and teen chain Aeropostale posted some of the biggest April upside surprises, with sales increases of more than 20 percent. Nordstrom Inc.'s sales were lower than expected, and some of the biggest declines came from Gap Inc. and Chico's FAS.

Analysts said consumers were shopping for basics and bargains. There were some clues on how Americans are spending their tax refunds and expected stimulus checks. Discounters did better overall. Besides food, Wal-Mart saw strength in flat-screen TVs and video games. Wal-Mart's same-store sales rose 3.2 percent in April, and Costco posted an 8 percent increase. Target Corp. missed its estimate, posting a 3.1 percent increase. Department stores had the weakest results.

Overall, Thomson Reuters' same-store sales index rose 3.3 percent, beating its estimate of 2.5 percent.

Plano-based Penney said sales fell 1.7 percent vs. its forecast for a decrease in the mid- to high single digits and a 3.4 percent decline last year.

Sales were also driven by discounts and clearance merchandise. This month, Penney forecast a decline in the midsingle digits.

Irving-based Zale reported a 5.8 percent increase in same-store sales in its third fiscal quarter ended last month.

Year-to-date comparable store sales decreased 2.3 percent. Third-quarter sales were fueled primarily by an aggressive clearance strategy, said CEO Neal Goldberg. Zale is trying to clear out older inventory.

The retailer predicted a third-quarter loss of 40 to 45 cents a share. Analysts predict a loss of 49 cents, according to Thomson Reuters.

Items from jewelry and beauty categories were the big sellers at Neiman Marcus last month, but luxury shoppers also pulled back their spending.

The Dallas-based chain reported a 1.9 percent decrease in April same-store sales and a 2.5 percent decline in its fiscal third quarter, which ended last month.

Neiman Marcus Stores and Bergdorf Goodman together posted a 3.6 percent decline in April, but that was offset by a 7.2 percent increase from its Irving-based catalog and online division Neiman Marcus Direct.

Print

E-mail this article

Forums

Check Screen Name Availability

Screen names can only consist of letters and numbers.

---

Leave Comment

Conversation guidelines: We welcome your thoughts and information related to this article. When leaving comments please stay on topic and be respectful of others.

You must be logged in to contribute. Log in | Register Now!

You are logged in as screenname | Log Out

You are logged in, but do not have a "screen" name. Update Your Profile

Showing:

Newest first Oldest first

---