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Most retailers beat sales estimates in May
New York -- With only a few exceptions, retailers are posting solid gains in May, with such chains as Target, TJX, Ross and TJX Cos. beating Wall Street forecasts for the month. The Thomson Reuters Same-Store Index, which tracks the stores that release monthly sales reports, is expected to rise 3.6% in May.
"Analysts are taking a careful approach to May same-store sales given the cautious tone issued by most retailers on second-quarter earnings guidance," said Ken Perkins of Retail Metrics, in a research report.
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Buckle Q1 net income up 13%
Kearney, Neb. -- The Buckle Inc. reported Thursday that profit for the quarter ended April 28 increased 13% to $37.8 million, compared with $33.5 million in the year-ago period, as shoppers spent more in the teen retailer’s stores and online.
Sales climbed 10% to $263.8 million, matching Wall Street estimates, and same-store sales rose 7.4%.
Online revenues surged 15% in the period.