TJX, JCPenney, Kohl's say June comps beat expectations

TJX was once again a leader comparable-store sales among discount department stores this June. However, both JCPenney and Kohl’s, despite posting decreases in same-store sales, said the results exceeded expectations.

TJX reported that sales for the five-week period ended July 4 were $1.84 billion, up 4% over the $1.77 billion achieved during the five-week period ended July 5. Consolidated comparable-store sales increased 4% compared to last year for the five-week period ended July 4.

Carol Meyrowitz, president and CEO of TJX stated, “We are pleased that consolidated comparable-store sales increased 4%, significantly above our expectations. We saw strong increases in customer traffic across our divisions as the extreme values we offer customers continue to resonate despite the challenging economic environment.”

TJX raised its earnings outlook for the second quarter and now expects second-quarter earnings per share from continuing operations to be 56 cents to 59 cents.

JCPenney reported that total sales for the five weeks ended July 4 were $1.5 billion, a 6.7% drop from $1.6 billion for the same period last year. Comparable-store sales were down 8.2%

Based primarily on better-than-expected performance during the May and June periods, JCPenney now expects to report a loss in the range of 8 cents to 12 cents per share.

Kohl’s reported that total sales for the five-week month ended July 4 decreased 1.5% to $1.47 billion from $1.5 billion for the same period last year. On a comparable-store basis, sales decreased 5.6%.

Kevin Mansell, Kohl’s president and chief executive officer, commented, “June sales again exceeded our expectations. We achieved positive comparable-store sales increases in the Southwest region, with the strongest performance in California, and in accessories and home from a line-of-business perspective. Apparel businesses were affected by sluggish demand in seasonal categories such as shorts, polos, and swimwear.”