Kohl's Corp. and several other key U.S. retail chains today reported disappointing sales results for July.
Menomonee Falls-based Kohl's said its July sales at stores open at least one year fell 10.4 percent compared with sales in the same month a year ago. Analysts, on average, had expected Kohl's to report a July same-store sales drop of 7.0 percent, according to Thomson Reuters.
Kohl's said its total sales for the four weeks ended Aug. 2 fell 2.4 percent to $1.03 billion.
Other key retailers reporting same-store sales drops for July today included: Target Corp., down 1.2 percent; Limited Brands Inc., down 5 percent; Gap Inc., down 11 percent; Talbots Inc., down 11.7 percent; Nordstrom Inc., down 6.1 percent; and Saks Inc., down 5.3 percent.
Among the 33 retailers that have reported their July sales, 61 percent have missed analyst estimates, according to Thomson Reuters.
Discounters Costco Wholesale Corp. and Wal-Mart Stores Inc. managed to post same-store sales gains in the month, as consumers spent the last of their government stimulus checks.
Larry Montgomery, Kohl's chairman and chief executive officer, said, "July was a month driven by clearance sales of spring and summer merchandise. Our inventory levels in these clearance and transitional categories were significantly lower than last year, affecting sales results, but leading to improved gross margins. We enter the fall season well-positioned and able to react quickly to any improvement in sales trends."
Retailers report icy July
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