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Discount sector continues to thrive; children’s apparel beats estimates
A breakdown of second-quarter sales results:
Gap Inc. (San Francisco) reported second quarter net sales were $3.25 billion, down from $3.50 billion for the same period last year. Same-store sales dropped 8 percent. All of the company’s nameplates saw same-store sales drop during the quarter, with Gap North American reporting a 10 percent decrease; Banana Republic down 15 percent; Old Navy dropping 4 percent; and international declining 5 percent.
Children’s apparel retailers posted better-than-expected quarterly results. Children's Place Retail Stores Inc. (Secaucus, N.J.) reported sales fell 6.6 percent to $315 million from $338 million. Same-store sales dropped 9 percent. Rival Gymboree Corp. (San Francisco), which operates about 937 stores, reported sales of $215.4 million, while sales at stores open at least a year fell by 1 percent.
In the discount sector, Ross Stores (Pleasanton, Calif.) experienced a record second quarter as sales for the 13 weeks ended August 1, 2009 increased 8 percent to $1.769 billion. Same-store sales rose 3 percent. "We are extremely pleased with our healthy sales and robust earnings gains in the second quarter and first six months, both of which were well ahead of plan,” says Michael Balmuth, vice chairman, president and ceo. “This outstanding performance is even more notable considering the ongoing difficult macro economic and retail climate.”
The company says the best performing merchandise categories were dresses and shoes.
Athletic equipment and apparel retailer Dick's Sporting Goods (Pittsburgh) says its consolidated same store sales declined 4.1 percent, an improvement on the previous estimate of a 6 to 9 percent decline. Net sales for the second quarter increased by 3.7 percent due primarily to the opening of new stores and the addition of e-commerce sales. Breaking out its same-store sales data, Dick's Sporting Goods stores reported a 3.2 sales drop, while the company’s Golf Galaxy stores saw same-store sales decline 11.1 percent.