Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, June 4, 1993 TAG: 9306040134
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE: Associated Press
DATELINE: LENGTH: Medium
The monthly results reported by the store owners Thursday were marginally better than sales from the late winter and early spring. But the figures made it clear that Americans have resumed the frugal and cautious stance they adopted during the recession.
One of the big disappointments for merchants in May was apparel sales, which did not improve as much as expected although wintry weather finally disappeared. Several clothing chains including Limited Inc. and Gap Inc. reported modest sales increases at best.
The big retailers' sales are considered an important indicator of economic health. Because consumer spending accounts for two-thirds of the nation's economy, Americans' willingness to shop determines how other segments, particularly manufacturing, will fare.
Analysts were pessimistic. "The current economic news provides more disheartening data than positive evidence of a consumer recovery," said Tom Filandro, an analyst with Gruntal & Co.
Here are May sales from retail chains operating in the Roanoke Valley. Same-store or comparable-store sales are those at stores operating for more than a year, removing the impact of newly opened units.
\ Bombay Co. said sales were $21.6 million in May, up 48 percent from May 1992. Comparable-store sales rose 32 percent.
\ Charming Shoppes Inc., which operates Fashion Bug and Fashion Bug Plus stores, had sales rise 10 percent to $106.5 million. Comparable-store sales were up 2 percent.
\ Dress Barn sales were $41.7 million, up 11 percent, but comparable-store sales were down 1 percent.
\ Family Dollar sales were $108.4 million, up 11.5 percent overall and 3.7 percent in comparable stores.
\ Gantos Corp. sales dropped 14 percent to $19.8 million.
\ Heilig-Meyers Co.'s sales increased about 17.4 percent to an estimated $47.3 million. Same-store sales were up 4.1 percent.
\ Kmart Corp. reported sales up 10.8 percent to $3.2 billion. Comparable-store sales rose up 1.1 percent. Kmart is the parent of PayLess Drug Stores, Waldenbooks, The Sports Authority and OfficeMax.
\ Lechters Inc. housewares stores had sales of $20.3 million, up 22 percent. Comparable-store sales rose 0.7 percent.
\ The Limited Inc. sales were $551 million, up 13 percent overall, 2 percent in comparable stores.
\ The May Department Stores Co., which operates Hecht's and Payless ShoeSource, reported sales up 7.4 percent to $831 million. Comparable-store sales were up 4.6 percent.
\ Merry-Go-Round stores had sales of $64.2 million, up 19 percent overall, but down 4 percent in comparable stores.
\ J.C. Penney Co. sales rose 2.5 percent to $904 million. Comparable-store sales rose 1.9 percent.
\ Sears Merchandise Group said total domestic store sales were $2.2 billion, 6.9 percent above restated sales of the same period last year. Comparable domestic store sales were 5.9 percent higher.
\ Wal-Mart Stores Inc. reported net sales of $5.5 billion, up 23 percent. Wal-Mart's Sam's Clubs division reported sales of $1.2 billion, up 22 percent for the month. Same-club sales were flat.
\ Woolworth Corp.'s sales rose 3.8 percent to $713 million; domestic sales rose 6.2 percent, and foreign sales, expressed in U.S. dollars, rose 1.1 percent. Domestic comparable store sales rose 1.8 percent.
Staff writer Sandra Brown Kelly contributed to this story.
by CNB