As economic uncertainty led to a decline in consumer confidence in June, American shoppers also exercised caution with their wallets and delivered disappointing sales for most U.S. retailers.
Among 16 retailers that have reported their results, about three fourths of them missed analysts’ already lowered estimate, according to Thomson Reuters.
Costco Wholesale Corp., Target Corp. Macy’s Inc and teen retailer Buckle Inc. each reported June comparable store sales that came up short of expectations today.
Menomonee Falls-based Kohl’s Corp.’s comparable store sales fell 4.2 percent. The company said second-quarter profit would be at the low end of its previous guidance of 96 cents to $1.02 a share.
Kevin Mansell, Kohl’s chairman, president and chief executive officer, said, “Though June sales were again lower than expectations, we are encouraged by improved sales in the latter weeks of the month as we continued to build inventory levels. From a line of business perspective, Men’s and Footwear were the strongest categories. The Midwest was the strongest region.”
The Bon-Ton Stores Inc., which operates headquarters in Milwaukee and York, Pa., today reported June comparable store sales decreased 0.8 percent.