×
76 685
Fashion Jobs
THE REALREAL
Fashion Product Receiver (Earn up to $17.80/HR)
Permanent · Secaucus
THE REALREAL
Fashion Product Receiver (Earn up to $18.30/HR)
Permanent · Phoenix
THE REALREAL
Vendor Receiver
Permanent · Perth Amboy
THE REALREAL
Fashion Product Receiver (Earn up to $17.80/HR)
Permanent · Perth Amboy
THE REALREAL
Field Sales Account Manager (Account Luxury Manager)
Permanent · Philadelphia
MICHAEL KORS
FT Sales Supervisor Penn Square - Oklahoma City, ok
Permanent · Oklahoma City
VF CORPORATION
Senior Director – Global Product Management – Finance Technologies
Permanent · Greensboro
MACY'S
Retail Fulfillment Associate, Barton Creek Square Mall - Full Time
Permanent · Austin
MACY'S
Asset Protection Detective, Roosevelt - Full Time
Permanent · Philadelphia
JCPENNEY
Asset Protection Associate
Permanent · Springfield
OLD NAVY
General Manager - Eastgate Plaza
Permanent · WILLIAMSVILLE
SACK OFF 5TH
Fulfillment Associate
Permanent · ORANGE
SACK OFF 5TH
Operations Associate
Permanent · ORANGE
LEVI'S
Merchandising Supervisor
Permanent · North Bend
JCREW
Associate Manager
Permanent · Burlington
JCREW
Facilities Coordinator
Permanent · New York
LORO PIANA
Internal Control Specialist
Permanent · NEW YORK
ON RUNNING
Marketing Lead, Latin America & The Caribbean
Permanent · PORTLAND
KOHLS
Full-Time Stockroom Operations Supervisor
Permanent · Peoria
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Matthews
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Columbus
KOHLS
Full-Time Loss Prevention Supevisor
Permanent · South Burlington
By
Reuters
Published
Jul 5, 2012
Reading time
2 minutes
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Costco, other retailers miss June sales estimates

By
Reuters
Published
Jul 5, 2012

Costco and other retail chains on Thursday reported June sales that missed Wall Street's lowered expectations as persistently high unemployment and falling consumer confidence took a toll on spending.

Smaller chains like Cato Corp, and teen apparel chain Wet Seal Inc and The Buckle Inc also reported sales at stores open at least a year that came in below estimates.

Costco Wholesale Corp reported a companywide 3 percent increase in same-store sales, below estimates of a 3.7 percent gain, hurt by unfavorable exchange rates. The warehouse club operator's U.S. sales also came in below Wall Street views.

"In June, the consumer put on a very cautious hat, they started pulling back," said Keith Jelinek, director in AlixPartners' global retail practice. He predicted shoppers would continue to be careful about splurging on non-essential items before children head back to school.

Limited Brands Inc was a standout among the first group of companies to post June sales, reporting a 7 percent same-store sales gain, led by its Victoria's Secret lingerie chain. Limited easily beat the estimate of a 2.7 percent gain.

Analysts expected 18 top retail chains to report a modest 2.4 percent in June same-store sales, according to the Thomson Reuters same-store sales index -- far less than the 7.7 percent gain a year earlier. The estimate excluded the Walgreen Co and Rite Aid Corp drugstore chains.

Macy's Inc and TJX Cos Inc also reported early Thursday. Kohl's Corp and Saks Inc were due to report later in the day.

A steady stream of weak economic reports, stubbornly high unemployment and a volatile stock market have weighed on shoppers. The Thomson Reuters/University of Michigan's consumer sentiment index tumbled to 73.2 in June from 79.3 in May.

The U.S. manufacturing sector grew in June at its most sluggish rate in 18 months as the pace of output, hiring and new orders all slowed, the Markit U.S. Manufacturing Purchasing Managers Index showed on Monday.

After retailers posted good results earlier in the spring, several analysts said warm weather may have spurred people to buy summers clothes earlier, simply shifting sales from later months like June.

The International Council of Shopping Centers (ICSC) on Tuesday trimmed its forecast for June same-store sales to a rise of 1 percent to 1.5 percent from an earlier forecast of 1.5 percent to 2 percent. It cited severe storms in late June that left millions in the mid-Atlantic without power.

© Thomson Reuters 2023 All rights reserved.