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Earnings roundup: Kohl’s, JC Penney, Walmart
Despite a dismal winter that hampered many retailers’ sales, J.C. Penney posted relatively strong first quarter same-store sales, with fine jewelry listed as one of its best-selling categories.
New York--Despite a dismal winter that hampered many retailers’ sales, J.C. Penney posted relatively strong first quarter same-store sales, with fine jewelry listed as one of its best-selling categories.
Walmart, meanwhile, had a flat first quarter at its U.S. stores while Kohl’s saw same-store and total sales decline.
Highlights from the first quarter results of all three companies are below.
Walmart
U.S. same-store sales (excluding fuel) were essentially flat in the first quarter ended May 2 for Walmart, as were Sam’s Club sales and the company’s U.S. comps overall.
Net sales for Walmart U.S. rose 2 percent in the first quarter, from $66.55 billion to $67.85 billion.
“Like other retailers in the U.S., the unseasonably cold and disruptive weather negatively impacted U.S. sales and drove operating expenses higher than expected,” said Doug McMillon, president and CEO of Wal-Mart Stores Inc., though he added that the retailer’s underlying business is “solid.”
Walmart said it will continue to invest in its smaller-format Neighborhood Market stores in the U.S.
J.C. Penney
Same-store sales rose 6 percent for J.C. Penney Co. Inc. in what the company described as a “difficult retail environment.”
Total sales also were up 6 percent, from $2.64 billion to $2.80 billion. Net loss, however, climbed from $348 million to $352 million.
In addition to fine jewelry, women’s and men’s apparel and home were the top-performing categories for the retailer.
While gross margin improved year-over-year, increasing from 30.8 percent to 33.1 percent, it is still being impacted by clearance sales, the company said.
“We are very pleased to report that J.C. Penney delivered its second consecutive quarter of comparable store sales growth, as well as continued gross margin improvement,” CEO Myron Ullman III said. “It is clear that our efforts to re-merchandise many areas of the store and revamp our messaging to the customer are taking hold … We expect to carry this momentum into the second quarter as we continue to position the company for long-term profitable growth.”
J.C. Penney forecasts a mid-single-digit increase in same-store sales for the second quarter as well as the full year.
Kohl’s
Kohl’s Corp. saw first quarter same-store decline 3 percent while total sales dropped 3 percent also, from $4.07 billion to $4.12 billion.
Net income was down 15 percent, from $147 million to $129 million.
“We did not achieve our first quarter sales goals but we were encouraged by
the improvement in sales as the quarter progressed. Our teams managed our inventory levels appropriately and expenses were controlled throughout the organization during the quarter,” said Kohl’s Chairman, President and CEO Kevin Mansell.
Kohl’s ended the quarter with 1,160 stores in 49 states, slightly more than it had at the same time last year. The retailer opened four new stores, relocated one and closed two during the first quarter.
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