Shoppers flocked to stores in May, sending same-store sales past expectations for the month for many retailers.
A group of retailers selected by Thomson Reuters was expected to show an average of 3.6% same-store sales gains for the month, down from a 5.8% sales increase during May of last year. Analysts attributed strong results from clothing chains to Mother’s Day which fell later in the month this year, compared to 2011.
Target (NYSE:TGT) said its sales for the month grew 4.4%, beating analysts who predicted 3.5%, the Wall Street Journal noted.
Same-store sales increased 4.2% at Macy‘s (NYSE:M), which also exceeded analysts’ forecast of a 4% improvement.
The owner of Victoria’s Secret and Bath & Body Works stores, Limited Brands (NYSE:LTD), announced that it saw a 6% same-store sales jump for the month, easily topping analysts who estimated 4.7%.
High-end retailer Nordstrom (NYSE:JWN) also beat expectations, posting a 5.3% rise in same-store sales, surpassing the 4.7% predicted by analysts.
Saks (NYSE:SKS) also trumped analsyts’ estimates, announcing same-store sales gain of 4% for the month, compared to 2.5% estimates.
Not every retailer posted good results, however. Gap (NYSE:GPS) fell short of expectations, announcing a 2% increase in same-store sales, while analysts had forecast a 3.1% gain. Kohl‘s (NYSE:KSS) announced a 4.2% decline in same-store sales, missing the already negative prediction of analysts, who expected a 1.2% decline. It’s shares fell more than 5% in Thursday trading.
Costco (NASDAQ:COST) also disappointed analysts, posting same-store sales up 4% for the month, against analyst’s estimate of 4.3%