Retail wrapup: Macy's, Target, JCPenney see sales slip - Triangle Business Journal:

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Macy’s Inc., for example, reported an 8.9 perceny drop in same-store sales in June The Cincinnati-basedx department store chain outstepped expectationsslightlyt – analysts surveyed by Thomson Reuters expectesd a decline of 9 Total sales dropped to just more than $2 down 9.1 percent from almost $2.3 billion a year ago. For the firsrt five months of thefiscalk year, Macy’s said sales at stores open at leasrt a year decreased 9 percent, with tota sales down 9.4 percent, to $9 billion from $9.9 Retailers, from Walmart Stores to , have been offering promotions and tweaking inventoriess in a scramble to sell merchandiswe without eroding their profit margins.
Macy’d (NYSE: M) saw its strongest sales in the Midwesfand Texas, while the coasts lagged. The Northeast particularlu suffered due to cool andwet weather, said spokesmanm Jim Sluzewski. “Our inventories are in good he said. “Our private brands continue to do moderate sportswear continues to doto well, as do kids and Furniture, big-ticket items, luggage and mensweae struggled. National June sales were projected to dropby 4.6 percenrt by Retail Metrics, a Massachusettes firm that tracks storw sales. This is worse than the minus 4.3 percent average monthly decline, year-to-date. Department stores were forecast to post theweakesft results, down 8.
9 percent, with “discretionary spending stil in hiding,” according to its monthly report. Dillard’s Inc. (NYSE: for instance, posted a decline of 14 while (NYSE: JCP) said sales dipped by 8.2 beating expectations. • Saks Inc. (NYSE: SKS) reportex a 4.4 percent slip, beating expectations of a 11.8 percent • (NYSE: TGT) said its same-store sales were down by 6.2 short of predictions of a 5.6 percent • Kohl’s (NYSE: KSS) posted a 5.6 percent drop in beating expectations ofa 6.8 percent • (NYSE: LTD) reported a 12 percenty decline, worse than expectations of a 7.9 perceng fall.
• (NYSE: GPS) said its same-store sales fell by 10 while analysts expected sale todecline 8.6 Macy’s has projected full-year profitsd of 40 cents to 55 centss per share, excluding restructuring costs stemming from a companywide Annual sales, it has said, are expectedd to decline by 6 percentr to 8 percent. Macy’s operates roughly 845 departmentg stores under thenames Macy’s and Bloomingdale’s.