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Wal-Mart’s same-store sales were up 2.6 percent in February, beating its own estimates by 2 percent.
“In good times, [consumers] buy up into department store categories, and in tougher times, they buy down into mass categories,” Fred Crawford, managing director at AlixPartners LLP, is quoted as saying in Bloomberg.
The retail giant, which expects March same-store sales to climb 2 percent, hacked prices by as much as 30 percent in categories such as groceries, medicine, fitness equipment and electronics, in order to contend with the worst housing recession in 25 years.
Overall, U.S. retailers’ same-store sales climbed 1.9 percent in February, according to the International Council of Shopping Centers. For the month, 61 percent of retailers beat average analyst sales estimates, compared with a monthly average of 56 percent, said Retail Metrics LLC.
Meanwhile, same-store sales at JC Penney, the third-largest department store chain, dropped 6.7 percent. Gap sales fell 6 percent, and Limited Brands Inc. sales slipped 9 percent. Target saw same-store sales climb 0.5 percent; analysts had estimated a loss of 0.5 percent.
Overall, while Wal-Mart was strong, the department store, luxury and specialty-apparel sectors were “pretty weak,” says International Council of Shopping Centers economist Michael Niemira.
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Wal-Mart and Costco reported same-store gains in September, with sales rising 2.4% and 9% respectively. Sales at Target stores open at least a year fell 3%, writes Retailer Daily.
Below, fiscal results from the discount retail giants:
Sales of food and…
