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New York -- As discounters such as Target, Stein Mart and warehouse club operator Costco posted disappointing same-store sales results in June, TJX Cos. and Ross Stores shone with gains that surpassed Wall Street estimates. TJX saw a same-store sales rise of 7% in June, beating the 4.2% rise predicted by analysts. Ross was up 7% for the month, after Wall Street forecast a 4.8% increase. Sales rose 12% to $886 million in June. Both chains raised their second-quarter profit forecasts.
Target reported weaker-than-expected same-store sales growth, as June same-store sales rose 2.1% and missed the expected 2.4% rise. Sales for the month rose 2.6% to $6.4 billion, and the discounter reiterated its earnings forecast for its fiscal second quarter.
“Following better-than-expected performance in May, our June comparable-store sales were near the low end of our expected range," said Gregg Steinhafel, chairman, president and CEO. "We believe these results, combined with our outlook for July, keep us on-track to deliver second quarter sales and adjusted EPS in line with the guidance we provided at the time of our first quarter earnings release.”
Costco Wholesale Corp. reported a 3% gain in monthly same-store sales, missing Wall Street’s forecasted 3.7% rise. Sales also missed Wall Street views.
Among other discount results:
- Stein Mart same-store sales declined .5% in June, missing Wall Street’s expected 2% rise;
- Fred’s dropped 4%, widely missing the projected .2% gain;
- Cato Corp. same-store sales plummeted 10% in June;
- Duckwall-ALCO declined 2.9%. Stage Stores beat expectations with a 3.3% rise; and
- Stage Stores beat expectations with a 3.3% rise.