Same-Store Sales Slow in March
TJX Cos. lead the pack in same-store sales in April
NEW YORK-With an early Easter holiday out of the way and a somewhat late Mother's Day, U.S. retailers' same-store sales decelerated in April from a strong performance in March.
Leading the pack among the retailers tracked by HFN, The TJX Cos. posted a combined 6 percent gain in same-store sales. Carol Meyrowitz, TJX's CEO, said the rise, which was greater than the company's expectations, was driven by "significant increases" in store traffic.
Among the others, Costco's U.S. comp-store number rose 4 percent, with the number unchanged when factoring in gasoline sales. Macy's finished 1.2 percent ahead in April same-store sales, while Target posted a 1.1 percent gain.
Kohl's trailed the pack with a decline of 3.5 percent. Kevin Mansell, chairman, president and CEO, said the drop was expected, given the early Easter and the warm March weather. The home department did record a comparable-store sales increase for Kohl's, Mansell said.
Brad Thomas, retail analyst with Keybanc Capital Markets, noted that the laggard April same-store performance occurred in spite of some positive signs in employment, housing and consumer prices. However, according to Thomas, consumer confidence remains under pressure and is likely to continue to do so throughout the 2012 election-year cycle.