US retailers reported Thursday sales performances for December at stores open for at least a year. Most of them, including Limited Brands, Target, TJX, Ross Stores, Nordstrom, JC Penney and Macy's, reported increases in sales providing a strong end to the year, with exceptions being Kohl's, Gap and Wet Seal. The results were largely higher than analysts' estimates, while Target, Gap and Kohl's missed.
Late Christmas shopping, improved consumer sentiment, marked-down merchandise and extended hours led to strong sales towards the fag end of the month, resulting in healthy sales gains after a modest first half.
Sales were also helped by an extra Saturday before Christmas this year and the absence of the snowstorm that affected last year's Christmas sales.
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.
Apparel retailer Limited Brands, Inc. (LTD), the operator of Victoria's Secret and Bath & Body Works chains, said its December comparable store sales rose 7 percent, reflecting the continued strength of its Victoria's Secret Stores brand, partially offset by flat sales at La Senza. The result exceeded Street expectations of a 5.7 percent growth.
The Columbus, Ohio-based retailer of women's apparel, beauty and personal care products also posted December net sales of $1.87 billion, up from $1.79 billion last year.
Another specialty apparel retailer Gap, Inc.'s (GPS) December comparable sales were down 4 percent, including the associated comparable online sales this year, with all its brands reporting negative comparable sales. Street was looking for a 1.3 percent decline.
San Francisco, California-based Gap's December net sales edged down a percent to $1.98 billion from $2.01 billion in the prior-year month.
"We expected December to be highly promotional, and while we competed aggressively across our brands, our performance was below our expectations," Gap's Chairman and CEO Glenn Murphy noted.
Specialty retailer to young women, Wet Seal, Inc. (WTSLA) stated its comparable sales declined 3.7 percent in the month, while analysts estimate was for a 1.0 percent drop. Based on brands, the Foothill Ranch, California-based company's December comparable store sales decreased 2.5 percent at Wet Seal and 10.2 percent at Arden B. Total net sales edged up 0.2 percent in the month to $79.6 million from last year. e-commerce sales declined 20 percent.
"December comparable store sales results were within our range of expectations for both divisions," CEO Susan McGalla said in a statement.
Among discount retailers, Minneapolis, Minnesota-based Target Corp. (TGT) reported a 1.6 percent increase in comparable store sales for the month, missing analysts' expectations of a 3.1 percent growth. Total monthly sales grew 2.6 percent to $10.14 billion from the prior-year month.
"December sales were below our expectations as growth in Grocery and Beauty offset softness in Electronics and Music, Movies & Books. Sales and traffic were strongest in the week leading up to Christmas as guests waited to shop for last-minute gifts," Chairman, President and CEO Gregg Steinhafel said.
Off-price retailer TJX Cos., Inc. (TJX) reported that December comps were up 8 percent and total sales also increased 8 percent from last year to $3.3 billion. Analysts' were also looking for a 2.6 percent growth in comps.
"We believe that value remains critically important to consumers, and that our great values, brands, and gift-giving selections drove large increases in customer traffic during the month," CEO Carol Meyrowitz said.
Another discount retailer Pleasanton, California-based Ross Stores, Inc. (ROST) said December same-store sales increased 9 percent, topping Street estimates for a growth of 4.2 percent. Sales also came in ahead of the company's expectations for a 3 to 4 percent increase. Total sales rose 14 percent to $1.15 billion from a year ago.
Looking ahead, the company continues to project comparable store sales gains of 1 to 2 percent for the month of January.
Among department store chains, Cincinnati, Ohio-based Macy's (M) same-store sales for December increased 6.2 percent over last year, higher than the 5 percent growth analysts were expecting. Net sales grew 6.6 percent to $4.93 billion from a year ago. Online sales (macys.com and bloomingdales.com combined) were up 35.8 percent in December.
"December sales continued very strong at Macy's and Bloomingdale's, and we are solidly on track to exceed our expectations for same-store sales in the fourth quarter," Chairman, President and CEO Terry Lundgren noted.
Looking ahead, Macy's raised its same-store sales growth guidance for the fourth quarter to a range of 5.3 to 5.5 percent from the prior forecast of a 4 to 4.5 percent growth.
Menomonee Falls, Wisconsin-based Kohl's Corp. (KSS) reported a 0.1 percent decline in total comparable sales for the month, while the Street expected a 2.2 percent increase. Meanwhile, total sales grew 1.7 percent year-over-year to $3.25 billion. e-commerce business surged 48 percent over last year.
Another department store chain, Plano, Texas-based J.C. Penney Co., Inc. (JCP) reported that its comparable-store sales for December edged up 0.3 percent, with analysts' expecting a 0.1 percent drop. Meanwhile, total sales declined 2.3 percent from last year to $2.89 billion.
The company said it now anticipates comparable store sales for the fourth quarter to be down slightly to last year, due to the softer sales performance during the first two months of the quarter.
Fashion specialty retailer Nordstrom, Inc. (JWN) reported an 8.7 percent rise in same-store sales for December, higher than analysts' estimate of a 5.1 percent rise. Preliminary total retail sales for the month were $1.57 billion, up 12.7 percent from last year.
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