Sales Creep Upwards at US Stores

14 July 2003

Warm weather helped US retailers meet modest expectations in June, new sales figures show.

The Goldman Sachs index of same-store sales (those made in stores open at least a year) showed a 1.9% increase last month compared with June 2002. Retailers benefited from demand for summer goods as the weather improved in the middle of the month.

Gap led the way with a 10% jump in comparable sales – the second month in a row it has achieved such a large increase. Wal-Mart, meanwhile, rose 2.7%, within the firm’s forecast of 2% to 4%.

Elsewhere, number two discount chain Target saw June same-store sales rise 0.8%, while J C Penney was up just 0.1%. There were sales declines for Kohl’s (–2.4%), Saks (–1.8%), Federated Department Stores (–2%) and Sears Roebuck (–1.8%).

As a result of last month’s sales, both J C Penney and Kohl’s lowered their earnings forecasts.

Data sourced from: multiple sources; additional content by WARC staff