Same-Store Sales Are Missing Expectations Across The Board

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Photo: Stephen Chernin / AP

The nation’s largest retailers are reporting same-store results this morning, and broadly they’ve missed expectations. Although most retailers said comparable-store sales increased, with Macy’s, Target, Saks, and Costco all recording positive monthly tallies, all came in shy of optimistic Wall Street forecasts.

In a note out to investors earlier this week, Brian Tunick of J.P. Morgan said he had expected strong results.

“We expect April comps for the six monthly comp reporters we cover to rise 4 to 5 per cent. This is on top of a very tough 11 per cent increase last April and a similar 11 per cent on a two-year basis,” Tunick said. “We are now past the toughest two year comps for the year and the next three months will compare against a 4 per cent, 7 per cent and 5 per cent for May, June and July respectively.”

Below, a round up of the early reporters. 

  • Costco (COST): Apr. Same-Store Sales +4.0 per cent, Street Expected +5.1 per cent
  • Fred’s (FRED): Apr. Same-Store Sales -0.3 per cent, Street Expected +0.6 per cent
  • Gap Inc. (GPS): Apr. Same-Store Sales -2.0 per cent, Street Expected -0.8 per cent
  • Kohl’s (KSS): Apr. Same-Store Sales -3.5 per cent, Street Expected -1.0 per cent
  • Limited Brands (LTD): Apr. Same-Store Sales +6.0 per cent, Street Expected +4.0 per cent
  • Macy’s (M): Apr. Same-Store Sales + 1.2 per cent, Street Expected + 1.9 per cent
  • Nordstrom (JWN): Apr. Same-Store Sales +7.0 per cent, Street Expected +5.8 per cent
  • Ross Stores (ROST): Apr. Same-Store Sales +7.0 per cent, Street Expected +4.0 per cent
  • Saks (SKS): Apr. Same-Store Sales +2.0 per cent, Street Expected +5.6 per cent
  • Target (TGT): Apr. Same-Store Sales + 1.1 per cent, Street Expected +2.8 per cent
  • TJX (TJX): Apr. Same-Store Sales +6.0 per cent, Street Expected +4.1 per cent
  • Walgreen (WAG): Apr. Same-Store Sales -6.4 per cent, Street Expected -5.1%

The Gap attributed its declines to weakness at its Old Navy division, where sales fell 6 per cent at stores open for more than one year. The brand’s namesake label, however, continued to outperform, with comps up 4 per cent.

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