Kohl’s beats expectations, J.C. Penney and Macy’s miss

New York City Kohl's Corp. said Thursday that its same-store sales rose 3.3% in November as more cost-conscious shoppers visited the discount department store. The increase surpassed analyst forecasts.

Overall net sales for the month rose 7.1% to $1.87 billion, up from $1.75 billion last year. Items for the home were among the best sellers.

Macy's said its November same-store sales fell 6.1% in November, a bigger drop than analysts expected.

The company said the month was hurt by a shift of a sales event and warm weather. Still, Macy's said it had strong traffic early on Black Friday, the day after Thanksgiving when many Americans go shopping.

Kohl’s rival J.C. Penney did not fare as well. J.C. Penney said that its November same-store sales fell 5.9%. Analysts, on average, had expected same-store sales to fall 4.4%.

At Saks, same-store sales dropped 26.1%, more than Wall Street expected. Saks Fifth Avenue stores and Saks Direct were weak across nearly all merchandise categories, the company said. Sales at Off 5th, the company's outlet chain, were stronger.

The results reflected lower promotional and clearance activity than in November last year and the shift of a designer clearance event that was held in November last year to December this year.

Analysts polled by Thomson Reuters expected the figure to fall 20.8%.

In other department store results:

• Nordstrom reported a 2.2% increase in same-store sales for November. Preliminary total retail sales of $749 million for November increased 5.9% over last year.

• Dillard's said its same-store sales fell 11%, hurt by weak sales of its juniors' and children's apparel.

• Stage Stores said same-store sales slipped 12.5% in November, as shoppers continue to watch their spending. The decline was greater than Wall Street expected.

• Bon-Ton Stores said Thursday that its November same-store sales fell 6%. Total sales for the four weeks ended Nov. 28 fell 6% to $310.8 million, from $332.3 million in the same month last year. The company said it achieved its internal expectations.