February Proves Strong for Same-Store Sales

Target's same-store sales rose 7 percent in Feb.

Target’s same-store sales rose 7 percent in Feb.

NEW YORK-U.S. retailers benefited from relatively warm weather throughout February to post mostly positive same-store sales results.

Leading the way was The TJX Cos. with a comparable-store gain of 9 percent. Carol Meyrowitz, TJX’s CEO, credited the warm weather with driving traffic to the company’s stores as consumers began their shopping for spring apparel.

Costco reported same-club sales growth of 8 percent (9 percent factoring in gasoline sales). In a conference call to retail analysts yesterday, Richard Galanti, executive vice president and chief financial officer, said small appliances and domestics were among the strong product categories for the warehouse-club retailer in February.

Target said its same-store sales rose 7 percent last month, “well above our expectations, due to stronger than expected guest traffic combined with a solid increase in transaction size,” said Gregg Steinhafel, chairman, president and CEO. Macy’s came in with a 4.6 percent increase—also better than the company’s expectations, according to Chairman, President and CEO Terry Lundgren, who cited home as one of the department-store retailer’s strong-trending categories during the month.

Kohl’s was the one chain tracked by HFN with a same-store sales drop, 0.8 percent. Kevin Mansell, chairman, president and CEO, said the decline was expected, and added that the cold-weather regions outperformed the company’s average. Accessories, men’s and children’s posted positive results for the department-store chain, Mansell said.

Posted in News, Retail.

Last updated: March 1, 2012