Retail Stocks Rise Despite Slowing Sales Growth in June (XRT)
Tweet Send to a Friend
Stocks in the Retail sector are outperforming the broader equities market Thursday afternoon even as same-store sales results for the month of June which were largely mixed compared to expectations. While the Dow Jones and S&P 500 are down 0.22 percent and 0.36 percent, respectively, the SPDR S&P Retail ETF (NYSE: XRT) is up 1.2 percent at last check.
Retailers attributed weaker-than-expected sales growth to warm-weather purchases which were made unusually early this year given the warm winter. Shopper sentiment has also been dampened recently as concerns related to Europe's debt crisis seem to be creeping to a global scale.
Data out of Johnson Redbook earlier this week showed same-store sales for the month of June rose 2.2 percent year over year, worse than an expected rise of 2.9 percent. Retail sales surged 7.7 percent during June of 2011.
Below are some highlights from Thursday's retail sales releases:
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Retailers attributed weaker-than-expected sales growth to warm-weather purchases which were made unusually early this year given the warm winter. Shopper sentiment has also been dampened recently as concerns related to Europe's debt crisis seem to be creeping to a global scale.
Data out of Johnson Redbook earlier this week showed same-store sales for the month of June rose 2.2 percent year over year, worse than an expected rise of 2.9 percent. Retail sales surged 7.7 percent during June of 2011.
Below are some highlights from Thursday's retail sales releases:
- Target (NYSE: TGT) - Comps up 2.1 percent, affirmed Q2 outlook; shares down 0.7 percent this afternoon.
- Macy's (NYSE: M) - Same-store sales up 1.2 percent; shares up 3.5 percent.
- TJX (NYSE: TJX) - Comps up 7 percent, raised Q2 EPS from 47-50 cents to 52-53 cents, FY13 from $2.27-$2.37 to $2.31-$2.39; shares up 3.7 percent.
- Limited Brands (NYSE: LTD) - Comps up 7 percent; shares up 6.3 percent.
- Costco (Nasdaq: COST) - Comps up 5 percent; shares down 0.6 percent.
- Cato (Nasdaq: CATO) - Comps down 10 percent; shares down 11.4 percent.
- The Buckle (NYSE: BKE) - Comps down 2.5 percent; shares down 4.5 percent.
- Kohl's (NYSE: KSS) - Same-store sales down 4.2 percent, sees Q2 EPS guidance at the low end of the range; shares up 6.8 percent.
- Bon-Ton Stores (Nasdaq: BONT) - Comps down 0.8 percent; shares down 6 percent.
- Ross Stores (Nasdaq: ROST) - Comps up 7 percent, raised Q2 EPS guidance from 72-75 cents to 77-78 cents; shares up 6.6 percent.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Tesla (TSLA) Ramps Higher (GM)
- Sony (SNE) on Watch as Microsoft (MSFT) Revamps Xbox One Reselling, Sharing Rules
- Amazon's (AMZN) 'Birthday Gift' for Facebook (FB) Could Benefit from Guilt
Create E-mail Alert Related Categories
Insiders' Blog, Retail SalesRelated Entities
Standard & Poor's
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
