Same-store sales results from June widely topped expectations, indicating a strong consumer and raising hopes for the upcoming earnings season.
Although only a handful of companies report monthly same-store sales, the results were predominantly positive. Here are some notable comparable sales numbers for the month of June.
Gap (GPS) reported outstanding same-store sales growth on Thursday, with 7 percent growth in June versus 4.7 percent expectations. High-end Banana Republic shrunk 1 percent, while Old Navy, Gap’s lower-end retailer, grew 13 percent.
Gap’s report is a good sign for clothing retailers everywhere, although weakness in Banana Republic could be somewhat foreboding for certain high-end companies. Shares rose almost one percent to $45.13 in trading on Monday.
Mega retailer Target (TGT) and warehouse wholesaler Costco (COST) easily topped expectations as well. Target posted 5.9 percent same-store sales growth versus 4.8 percent estimates, while Coscto came in at 6 percent compared to 5.2 percent estimates. Results from both companies will set the bar high for huge retailers like Wal-Mart (WMT) this summer.
American Apparel’s (APP) same-store sales growth affirmed a continuous bullish trend in e-commerce. The clothing manufacturer and retailer announced 7 percent same-store sales growth, driven by a 22 percent increase in online sales. Shares have more than doubled over the past twelve months.
The Buckle (BKE), a casual apparel retailer, said that comparable sales rose 3.4 percent. Cato (CATO), a women’s fashion retailer, reported similar numbers with 3 percent comparable sales growth.
Among the slowest growers were sports retailer Zumiez (ZUMZ) and Victora’s Secret parent company L Brands (LTD), which reported 1 percent and 0 percent comparable sales growth, respectively.
