U.S. chain-store sales down 4.6 percent in May-Fortune-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Fortune > News Content

U.S. chain-store sales down 4.6 percent in May

6/5/2009 4:49:10 PM

New York--Due primarily to a difficult year-over-year comparison, U.S. chain store sales decreased 4.6 percent in May, compared with the same period last year, according to the International Council of Shopping Centers (ICSC).

Last year, the federal government distributed $50 billion in tax-rebate money and an ICSC consumer survey at the time showed that one-third of that amount was spent in the retail sector during the months of May and June.

"Despite the weakness in May, there are 'green shoots' within the retail sector," ICSC Chief Economist and Director of Research Michael Niemira said in a media release. "Although overall retail demand was weak, there were individual retailers that have begun to see some notable improvements."

At J.C. Penney Co. Inc., same-store sales decreased 8.2 percent for the four weeks ended May 30, slightly better than the company's guidance for sales to decrease 9 to 12 percent, and compared with a 4.4 percent decrease last year.

Total sales in May decreased 6.7 percent.

The top-performing merchandise division during the month was the women's division, as consumers continued to respond well to the company's spring apparel offerings.

The fine-jewelry division experienced the weakest sales during the month.

Geographically, the best-performing region of the country was the Southwest, while the Southeast experienced the weakest results.

Over at Macy's Inc., same-store sales decreased 9.1 percent for the four weeks ended May 30, and total sales decreased 9.5 percent to $1.743 billion, compared with total sales of $1.926 billion for the four weeks ended May 31, 2008.

According to the company, this is consistent with management's expectations.

For the year to date, Macy's same-store were down 9.1 percent, and total sales were down 9.5 percent to $6.942 billion, compared with $7.673 billion for the first 17 weeks of 2008.

Online sales (Macys.com and Bloomingdales.com combined) were up 12.2 percent in May and 15.2 percent for the year to date. (Online sales are included in the same-store sales calculation for Macy's.)

Meanwhile, same-store sales at Neiman Marcus nose-dived 23.3 percent to $240 million for the four weeks ended May 30, compared with $313 million for the four weeks ended May 24, 2008. Total sales dropped 21.5 percent to $246 million year-over-year.

In the four-week May period, comparable revenues in the Specialty Retail Stores segment, which includes Neiman Marcus Stores and Bergdorf Goodman, decreased 27 percent. The company experienced weakness across all geographies and merchandise categories in the segment.

Comparable revenues at Neiman Marcus Direct in the four-week May period decreased 1.3 percent.

At Saks Inc., same-store sales decreased 26.6 percent for the four weeks ended May 30, and owned sales decreased 25.8 percent to $166.1 million, compared with $223.9 million for the four weeks ended May 31, 2008.

May sales performance was positively affected by the shift of a clearance event into the month from April last year and negatively affected by the shift of a designer sale event into June this year from May last year. The net affect was negative on May comparable-store sales.

Adjusting for the event shifts, management estimates same-store sales would have declined in the high-teen range for May.

On a year-to-date basis, for the four months ended May 30, 2009, owned sales totaled $781.1 million, compared with $1,066.4 million for the four months ended May 31, 2008, a 26.7 percent decrease. Comparable-store sales decreased 27.4 percent for the four-month period.

Management continues to estimate that same-store sales will decline in the mid-teen range for the second fiscal quarter.

The Saks Fifth Avenue stores experienced continued weakness across all merchandise categories during the month. Saks Direct and OFF 5TH showed relative strength in May.

Prior year numbers have been adjusted to remove the sales of the company's discontinued Club Libby Lu operations.

For June 2009, the ICSC expects same-store sales will be down between 3 and 4 percent year-over-year, slightly better than May.

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