J.C. Penney, Kohl’s top Wall Street estimates, Saks continues to fall

New York City J.C. Penney Co. and Kohl’s Corp. turned in better-than-expected same-store sales results Thursday. But luxury retailer Saks continued to plummet as its same-store sales fell 23.6%, more than analysts expected.

J.C. Penney said its March same-store sales fell 7.2%, less than the 10.5% decline Wall Street expected. The chain also predicted a narrower first-quarter loss than previously forecast, after reporting better-than-expected March same-store sales results.

The company said it now expects a same-store sales decline of 8% to 10%. J.C. Penney's prior forecast called for a 12% to 15% same-store sales dropoff.

Kohl's Corp. said Thursday that its same-store sales fell 4.3% in the March sales period, but topped Wall Street forecasts.

Overall sales for the month edged up to $1.43 billion.

"Sales results for March exceeded our expectations," Kevin Mansell, president and chief executive of the Menomonee Falls, Wis.-based company, said in a statement.

Meanwhile, the retailer said its net sales so far this quarter are up 1.8%, to $2.44 billion. Comparable-store sales so far this quarter are down 3.2%.

In other results:

• Macy's said its same-store sales fell 9.2% in March, slightly better than the results forecast by Wall Street analysts.

For the five weeks that ended April 4, the Cincinnati-based retailer said its total sales slid 9.8% to $1.93 billion, down from $2.14 billion a year ago.

• Nordstrom said Thursday that its same-store sales fell 13.5% in March, a better-than-expected decline.

Thursday's results were boosted by stronger-than-expected results in the company's full-line department stores, where comparable sales fell 16.9%, ahead of the forecast 20% decline.

Meanwhile, same-store sales in the company's discounted Nordstrom Rack stores rose 0.1%. Analysts expected sales in those stores to fall 5%.

• Dillard's said Thursday that same-store sales declined 19% in March, a much larger decline than Wall Street expected.

For the five weeks that ended April 4, the Little Rock, Ark.-based retailer said its total sales fell 21% to $490.1 million, down from $621.7 million during the same period last year.

Sales in the first quarter of the year overall are down 18% to $987.8 million, from $1.2 billion in the same period last year. Same-store sales in the quarter fell 16%.

Dillard's noted that sales were off in the quarter since Easter spending will occur this year in April.

• Saks said Thursday that total sales for the five weeks ended April 4 declined 24.2%, to $209.4 million. Year-to-date, total sales declined 25.3%, to $376.4 million. Same-store sales fell 24.6%.

Saks said results at its Fifth Avenue stores were weak, but Saks Direct and OFF 5TH showed relative strength in March.