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Stein Mart stays positive in May
Persistent winter weather took a bite out of Stein Mart’s net income in the first quarter, but the retailer rallied once the weather improved. It closed the quarter with total and comparable-store sales increases, and the upward trend has continued through May.
The company reported total sales for the four-week period ended May 31 of $109.6 million, a 2.2% increase over total sales of $107.3 million for the four-week period ended June 1 last year. Comparable store sales for the month increased 0.4% from comparable store sales for the same month last year.
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Costco beats expectations in May
Warmer weather in May meant an uptick in store traffic for a few retailers, including Costco. But the wholesale retailer’s same-store sales for the month — which increased 6%, with a 6% rise in U.S. sales and a 4% increase in international sales — were better than analysts had expected and bolstered by higher fuel prices.
The company reported net sales of $8.78 billion for the month, an increase of 8% from $8.13 billion during the similar four-week period last year.