New York, July 7 (FinanceEnquiry.com) – June sales of the top US retailers were badly impacted by persistent high unemployment and concerns regarding the economy, indicating that shoppers are saving every penny ahead of the back-to-school season.
Disappointing sales in June at stores open at least a year were reported by Costco Wholesale Corp (NASDAQ: CORP), Macy’s Inc (NYSE: M), Kohl’s Corp (NYSE: KSS) and Target Corp (NYSE: TGT). Shoppers’ morale last month was hurt by a bevy of weak economic reports, persistently high unemployment and a volatile stock market.
However, low-priced retailers such as TJX Cos Inc that runs the T.J. Maxx chain, and Ross Stores Inc (NASDAQ: ROST), posted some of their largest gains because shoppers sought deals on designer-brand clothes and home goods. Quarterly profit forecasts were raised by both the retailers.
There was an increase of 1.2 percent in sales of Macy’s, going below analysts’ expectations of 1.9 percent. Target also missed analysts’ projections at 2.1 percent gain. Mid-tier department store chain Kohl’s Corp reported a 4.2 percent drop as inventory management led to a shortage in merchandise, and the retailer failed to capitalize on sales declines at rival J.C. Penney Co Inc.
The Standard & Poor’s Retail Index was up 1.3 percent, compared to a 0.1 percent drop in the broad S&P 500.
Macy’s shares rose 2.9 percent, while Kohl’s grew 6.9 percent. Other winners were TJX and Ross Stores, jumping 3.7 percent and 7 percent, respectively.
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