Warehouses lead, clothing chains lag in July retail sales
Retailers posted moderate sales increases for July as consumers kept flocking to warehouse clubs while sidestepping department stores and other chains that sell clothes. July sales rose 2.6% over a year ago, the same increase as in July 2007, according to the International Council of Shopping Centers' tally of 38 chains.
A Thomson Reuters survey showed that 39% of the retailers it polled beat analysts' expectations, while 61% disappointed. Some retailers, despite wimpy sales, boosted profit expectations.
San Francisco-based Gap Inc., parent of the Gap, Old Navy and Banana Republic chains, said it expects first-quarter profits of 30 to 31 cents a share, instead of the 23 cents that analysts were expecting. For the year, it anticipates per-share earnings of $1.30 to $1.35, instead of the $1.26 analysts expected. Sales fell in all divisions.
U.S. sales at stores open a year or more:
Company% changeCostco Wholesale +10%Gap -11%Hot Topic -2.1%J.C. Penney -6.5%Limited Brands -5.0%Neiman Marcus -1.7%Nordstrom -6.1%Pacific Sunwear -4.0%Ross+4.0%Saks -5.3%Target -1.2%Wal-Mart +3.0%Wet Seal -8.2%Sources: International Council of Shopping Centers, Thomson Financial, Times research
