24983 Thu, 05/31/2012 - 11:38am
NEW YORK-May proved to be a solid month in terms of same-store sales among the U.S. retail chains tracked by HFN.
The biggest gains were turned in by The TJX Cos. and Ross Stores, both of which registered comp-store increases of 8 percent. Costco logged a 5 percent same-club pickup, which was the same both factoring in and factoring out gasoline sales.
Target reported a 4.4 percent increase, while Macy’s (as reported by HFN yesterday) boosted comp-store sales by 4.2 percent. Kohl’s was the only major chain to report a same-store decline last month, at 4.2 percent.
Results for the home departments varied, according to conference calls from retailers commenting on May sales trends. Costco said small appliances and domestics sales helped boost its softline categories to a low double-digit same-store increase in May. At TJX, HomeGoods posted a same-store gain of 7 percent, while home at the Marmaxx stores rose 8 percent in comp-store sales. At Kohl’s, home underperformed the chain as a whole with a drop in same-store sales in the low double digits.
A research report from Goldman Sachs noted that warm weather, an increase in mall traffic and a drop in gasoline prices helped retailers’ results, offsetting downward trends in consumer confidence. A similar report from Barclay’s Equity Research said the gas-price decline could bode well for retailers’ sales in the summer months, leading to increased consumer confidence and a strengthening in household budgets.