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Retailers post mixed sales
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August 31, 2000: 10:35 a.m. ET
Wal-Mart's rise in sales smaller than year ago; Sears, Kmart sales increase
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NEW YORK (CNNfn) - Sales rose for most big retailers in August, U.S. store chains reported Thursday, though sales fell again at J.C. Penney while specialty retailers posted mixed results.
Wal-Mart Stores Inc., the world's No. 1 retailer, reported a 5.7 percent increase in sales at stores open at least a year, while total sales at the Bentonville, Ark.-based retailer rose 11.6 percent to $14.5 billion for the four weeks ended Aug. 25.
Wal-Mart's Sam's Club discount stores saw "same-store" sales jump 5.1 percent.
Sears, Roebuck & Co. (S: Research, Estimates), the second-largest U.S. retailer, had sales for the four weeks ended Aug. 26 of $2.22 billion, up from $2.08 billion in the year-earlier period. Comparable-store sales rose 5.6 percent.
Sears, based in Hoffman Estates, Ill., attributed its performance to strong sales in appliances, lawn and garden products and electronics. The company's specialty stores -- such as The Great Indoors, Sears Auto Centers and Sears Hardware -- also performed well.
Troy, Mich.-based Kmart Corp. (KM: Research, Estimates) said its comparable-store sales rose 2.8 percent and total sales rose 4.6 percent, to $2.64 billion in the four-week period ended Aug. 23 from a year earlier.
Kmart, the third-largest U.S. retailer, said its sales were "below plan" for August, but also saw strength in its lawn and garden products, electronics and housewares.
J.C. Penney sales drop, Federated sees rise
J.C. Penney's same-store sales for the four weeks ended Aug. 26 dropped 4.5 percent and the company also warned that third-quarter earnings could be lower than expected.
Total sales for Plano, Texas-based J.C. Penney (JCP: Research, Estimates) dropped to $2.46 billion from $2.47 billion for the same period a year ago.
Same-store sales in the No. 5 U.S. retailer's department stores dropped 2.8 percent from a year ago, but the company's drugstores saw a rise of 8.6 percent.
Macy's and Bloomingdale's parent Federated Department Stores Inc. reported a rise in same-store sales of 1.1 percent. Total sales for Cincinnati-based Federated (FD: Research, Estimates) rose to $1.14 billion from $1.12 billion.
Clothing retailer Limited Inc. saw sales rise 6 percent in stores open at least a year.
Net sales for the four weeks ended Aug. 26, were $717.5 million, down from $731.6 million for the same period in 1999.
Limited (LTD: Research, Estimates) said that sales rose 8 percent, excluding sales from its TOO Inc. (TOO: Research, Estimates) children's clothing stores, which were spun off, and from sporting goods retail chain Galyan's Trading Company, in which Limited sold a majority interest.
Wednesday, retail chain Gap (GPS: Research, Estimates) said same-store sales dropped 14 percent.
The San Francisco-based company reported total sales of $1.09 billion for the four weeks ended Aug. 26, up 6 percent over the comparable period last year.
Same-store sales, however, decreased 4 percent for the 30 weeks ended Aug. 26, while total sales rose 18 percent to $6.8 billion.
Shares of Gap plunged $4.62, or 17 percent, to $22.12 Wednesday before the announcement.
St. Louis-based May Department Stores Co. (MAY: Research, Estimates), which operates Lord & Taylor stores and other department-store chains, reported total sales of $1.02 billion for the four-week period ended Aug. 26, compared with $1 billion in the year-earlier period, an increase of 1.7 percent. Comparable-store sales, on the other hand, decreased 3.6 percent. 
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