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Thursday, March 05, 2009

Chain-Store Retail Sales Mixed in February

By Kathryn Elizabeth Tuggle

FOXBusiness

Reports on Thursday from chain-store retailers were mixed, with Wal-Mart’s (WMT) performance in February exceeding analyst estimates by double, and others retailers falling flat in the face of a down economy.

Wal-Mart reported a 5.1% sales increase at its stores that have been open for at least 12 months, and raised its annual stock dividend by 15% to $1.09 per share.

At Target (TGT), Wal-Mart’s main rival, a 4.1% decline in same-store sales was reflected. Target, usually considered in the same scope as discount retailers, is suffering in spite of the sale-priced items it provides, a further indication that Americans are cutting back.

Higher-end department store chains, including Macy’s (M) and J.C. Penney (JCP), also experienced a drop in sales of 8.5% and 8.8%, respectively. Saks Fifth Avenue (SKS) likely reported the worst results, with sales down 26%.

At Kohl’s (KSS), results were a bit better, with a decrease of only 1.6%, and at Stein Mart (SMRT) and Gap (GPS), sales were down 12%.

At other contemporary apparel retailers, including Wet Seal (WTSLA) and American Eagle Outfitters (AEO), sales were down 6.6% and 7%, respectively.

On a positive note, Children’s Place Retail Stores (PLCE) posted flat same-store sales, while Buckle Inc. (BKE) reported a 21% jump in sales. Buckle has posted double-digit growth in same-store sales for 19 months.

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