U.S. chain-store sales down 5.1 percent in June-Market Survey-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Market Survey > News Content

U.S. chain-store sales down 5.1 percent in June

7/11/2009 3:38:00 PM

New York--U.S. chain-store sales continued their weak performance in June, decreasing 5.1 percent on a same-store basis, compared with the same period last year, according to the International Council of Shopping Centers (ICSC).

ICSC Chief Economist and Director of Research Michael P. Niemira said however that despite June's results, there were some signs of improvement, with a handful of teen and value retailers posting surprisingly healthy gains.

"These nascent signs of improvement are important since history suggests that consumer spending typically starts off sluggish prior to significant improvement," Niemira said in a media release.

At J.C. Penney Co. Inc., same-store sales decreased 8.2 percent for the five weeks ended July 4, which was slightly better than the company's guidance for the period.

Total sales in June decreased 6.7 percent.

Men's Father's Day merchandise categories were among the best performers in June, as was the fine-jewelry division after a successful Diamond Showcase promotional event.

Geographically, the best-performing area was the Southwest, while the Southeast experienced the weakest results.

Over at Macy's Inc., same-store sales decreased 8.9 percent for the five weeks ended July 4, and total sales decreased 9.1 percent to $2.045 billion, compared with total sales of $2.249 billion for the five weeks ended July 5, 2008.

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

For the year to date, Macy's same-store sales are down 9 percent, and total sales dropped 9.4 percent to $8.99 billion, compared with $9.92 billion for the first 22 weeks of 2008.

Online sales (Macys.com and Bloomingdales.com sales combined) were up 8.2 percent in June and 13.6 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 dropped 20.8 percent to $317 million for the five weeks ended July 4, compared with $401 million for the five weeks ended June 28, 2008. Total sales dropped 19.4 percent to $323 million year-over-year.

In the five-week June period, comparable revenues in the Specialty Retail Stores segment, which includes Neiman Marcus Stores and Bergdorf Goodman, decreased 23 percent. The company experienced weakness across all geographies and merchandise categories in the segment.

Comparable revenues at Neiman Marcus Direct in the five-week June period decreased 9.7 percent.

At Saks Inc., same-store sales decreased 4.4 percent for the five weeks ended July 4, and owned sales decreased 3.8 percent to $230.2 million, compared with $239.3 million for the five weeks ended July 5, 2008.

June sales performance was positively affected by the shift of a designer sale event into June this year from May last year.

The Saks Fifth Avenue stores experienced continued weakness across all merchandise categories during the month. Saks Direct showed relative strength in June.

On a quarter-to-date basis, for the two months ended July 4, owned sales totaled $396.2 million, compared with $463.2 million for the two months ended July 5, 2008, a 14.5 percent decrease. Comparable-store sales decreased 15.2 percent for the two-month period.

On a year-to-date basis, for the five months ended July 4, 2009, owned sales totaled $1,011.3 million, compared with $1,305.7 million for the five months ended July 5, 2008, a 22.5 percent decrease. Comparable-store sales decreased 23.2 percent for the five-month period.

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