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Retail sales gains continue
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April 8, 1999: 12:29 p.m. ET
Discount chains post strong March sales, but Penney continues to slip
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NEW YORK (CNNfn) - Americans stocked up on new clothes and shoes at pre-holiday sales last month, as discount and specialty chain retailers reported robust sales for March.
Buoyed by an earlier-than-normal Easter and mild weather, Wal-Mart, Dayton Hudson, The Gap and The Limited reported especially high sales at stores open a year or more, called same-store sales. Shoppers, however, didn't stream into J.C. Penney or home furnishings retailer Pier 1, whose sales both dropped.
Because stores held pre-Easter sales early this year, April sales may be lower than normal, said Sally Wallick, a retail analyst at Legg Mason in Baltimore. But, she told CNNfn's In the Game the March results still indicate strong consumer optimism.
"The consumer is feeling good. The consumer has money," she said. "There is no reason to think that that is changing, at least at this point."
Wal-Mart Stores Inc. (WMT) said sales at its Wal-Mart and Sam's Club warehouse stores rose 11.3 percent. Wal-Mart's stock was up 2-1/8 at 99-5/8 on the news.
Dayton Hudson (DH), operator of Target stores, said March sales shot up 12.9 percent, while Kmart (KM) said sales grew 8.1 percent. Sales also were up 7.7 percent at the warehouse chain B.J.'s Wholesale (BJ).
Federated Department Stores (FD), whose chains include Macy's and Bloomingdale's, reported comparable-store sales were up 9 percent. Sales rose 5 percent at Saks Inc. (SKS).
Sears, Roebuck & Co. (S) said sales rose a more modest 2.1 percent, while May Department Stores (MAY) sales grew a slight 0.3 percent.
But at J.C. Penney (JCP), sales slipped 0.7 percent. The retailer, whose sales also fell in February, is having trouble competing with lower-priced chains, Wallick said.
Among the specialty chain stores, The The Gap's (GPS) sales soared 21 percent, as did sales at AnnTaylor Stores Corp. (ANN .).
Limited Inc. (LTD) reported a jump of 18 percent, while Talbots Inc. (TLB) said sales were up 9.6 percent.
Shoe sales at chain stores also were brisk. Famous Footwear (BG) said same-store sales rose 12.4 percent, while Payless Shoesource (PSS) said sales were up 11 percent.
Home and electronics stores also did well on the whole. Upscale home furnishings store Bombay Co. Inc. (BBA) reported sales were up 14 percent, while sales at Sharper Image (SHRP) rose 10 percent.
Pier I (PIR), however, saw sales slip 2.5 percent.
-- from staff and wire reports
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