Most US retailers on Thursday reported modest April sales at established stores, as sloppy weather made many consumers postpone new spring clothing purchases despite Easter discounts.
L Brands (formerly known as Limited Brands), TJX, Ross Stores, Buckle, Cato, Stein Mart and Zumiez reported sales increases, while Wet Seal reported a decline. The results were largely higher than analysts' estimates, while L Brands missed.
Though the shift of Easter from early April last year to late March this year hurt March sales, it had a positive impact on April sales results as stores were open for one extra day in April compared to last year.
Warmer weather is helping sales of spring merchandise pick up in May. The month will also see sales boosted by the May 12 Mother's Day shopping, which is seen as the second biggest gifting holiday in the year after Christmas.
The National Retail Federation expects spending on Mother's Day gifts to reach about $20.7 billion, with consumers expected to spend an average of $168.94 on Mother's Day gifts, up 11 percent from $152.52 last year.
Comparable-store sales or comps is a key retail industry performance metric to gauge activity at store locations that have been open for at least a year. Analysts polled by Thomson Reuters expected the retailer's comparable store sales to increase 4.3 percent in April, higher than the 0.8 percent increase in April 2012.
Apparel retailer L Brands, Inc. (LTD), the operator of Victoria's Secret and Bath & Body Works chains, said its April comparable store sales rose 2 percent, reflecting positive sales across its three brands. The result missed Street expectations for a 4.6 percent increase. Net sales were $660.5 million, up from $659.0 million last year.
Another teen apparel retailer, Buckle, Inc. (BKE) announced that comparable store net sales for the month of April increased 6.2 percent, beating analysts' expectations for 1.5 percent increase. Net sales also increased 3.1 percent to $73.8 million from last year.
Off-price retailer TJX Cos., Inc. (TJX) reported that April comps increased 8 percent, topping Street estimates for a 6.8 percent increase. Total sales increased 9 percent from last year to $2.0 billion.
Another discount retailer, Ross Stores, Inc. (ROST) said April same-store sales increased 7 percent. Total sales rose 12 percent to $778 million from a year ago.
Michael Balmuth, Vice Chairman and CEO, commented, "We are pleased with the above-plan sales and margin gains we achieved for both April and the first quarter, especially considering our very strong prior year comparisons. These results were driven by our ongoing ability to deliver compelling bargains to today's value-focused customers."
Meanwhile, value-priced fashion apparel retailer Cato Corp. (CATO) reported that April same-store sales were up 1 percent, while total sales decreased 9 percent from last year to $77.0 million.
Specialty retailer to young women Wet Seal, Inc. (WTSL) stated that April comparable store sales decreased 2.9 percent, with a 3.4 percent decline at Wet Seal, while it was a 0.9 percent rise at Arden B.
The company's total net sales also decreased 5.1 percent to $140.4 million from last year, with Wet Seal sales declining 2.7 percent, and Arden B sales dropping 18.9 percent. Meanwhile, e-commerce sales rose 4.6 percent over last April.
Another specialty retailer of action sports related apparel, footwear, equipment and accessories Zumiez, Inc. (ZUMZ) also reported Wednesday that its comparable store sales for April increased 4.6 percent, topping analysts' expectations for a 3.3 percent increase. Total net sales also grew 12.1 percent from last year to $43.0 million.
Stein Mart, Inc. (SMRT) also reported Wednesday an 8.0 percent growth in comparable store sales for the month of April, while analysts were expecting a 3.0 percent increase. Total monthly sales also grew 1.6 percent to $99.2 million from the prior-year month.
"As you know, our February and March sales were impacted by colder weather and the Easter calendar shift. Now that we are seeing warmer weather, our customers are responding well to our spring merchandise and we are truly satisfied with what this has done for our sales," CEO Jay Stein said.
A report released from the Conference Board on April 30 showed that U.S. consumer confidence rebounded by more than expected in the month of April after the substantial deterioration in March, as consumers' expectations about the short-term economic outlook and their income prospects improved.
The consumer confidence index jumped to 68.1 in April from an upwardly revised 61.9 in March. Economists had expected the index to climb to 62.0 from the 59.7 originally reported for the previous month.
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