Retail Rundown: May Same Store Sales Figures Seem to Suggest Strength in the Sector is Waning
As today was the first Thursday of the month, retail companies released their sales results for the month of May. The big news related to the same store sales today was that the world's largest retailer, Wal-Mart (NYSE: WMT), did not report monthly sales results. The lack of such a large chunk of the market has prompted many traders to question the validity of such a data point.
While it is hard to tell from a broad view whether the results were better or worse than expected, investor seem to be booing the data today as nearly every major retailer is trading down.
Below are some highlights from just a few of the numerous retail sales reports which were released earlier:
- Target (NYSE: TGT) reported a 6.1% drop during the month. Stock is down 0.9%.
- Costco (Nasdaq: COST) reported its same store sales fell 7% during the period. The stock is down 2.3%.
- Kohl's (NYSE: KSS) comps down 13.1% during May. The stock is down 2.6%.
- TJX Companies (NYSE: TJX) comps rose 5% during the month. Despite the positive number, shares are down 1.7%.
- Gap (NYSE: GPS) reported a 6% decline in its May comps, sending the stock down 8%.
- J.C. Penney (NYSE: JCP) same store sales fell 8.2% in May. Shares are down 3%.
- Macy's (NYSE: M) reported a 9.1% decline in comps. The stock is down 3%.
- Nordstrom (NYSE: JWN) this high-end retailer saw comps fall 13.1% during the month. The stock is currently down 8%.
- Family Dollar (NYSE: FDO) same store sales were up 6.2%, but the stock is still down 6.3%.
- Abercrombie & Fitch (NYSE: ANF) reported a 28% slump in May comps, sending the stock down 13%.
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