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More chains report modest gains in Q2 sales
An increase in foot traffic helped boost same-store and total sales for Target, Walmart and T.J. Maxx’s parent company in the second quarter.
New York--More foot traffic and an increased focus on customer experience and the merchandise mix boosted second quarter results for Target, Walmart and T.J. Maxx’s parent company.
Target Corp., Walmart Stores Inc., and The TJX Companies Inc. all reported an increase in comps and total sales, perhaps benefitting from the selective purchasing of consumers who continue to look for the best prices.
The three retailers’ sales results were on par with those reported by Nordstrom and J.C. Penney last week, and topped the results reported by Macy’s and Kohl’s.
Highlights from the second quarter results recently reported by the three chains are below.
Target Corp.
Second quarter comps were up 2 percent for Target in the three-month period ended Aug. 1, driven primarily by growth in comparable transactions and strong traffic, the retailer said.
Same-store sales in signature categories--style, baby, kids, and wellness--grew three times faster than the company average, resulting in comps rising 4 to 5 percent in both home and apparel.
Target also reported that its online sales grew 30 percent, contributing nearly 1 percentage point to overall same-store sales growth and comprising 3 percent of overall sales.
Sales in the three-month period also were up 3 percent, increasing from $16.96 billion in the year-earlier period to $17.43 billion, reflecting both the rise in comps and sales from new stores. Sales in the half-year period also increased 3 percent, reaching $34.55 billion in the six months through Aug. 1.
By Aug. 1, Target was operating 1,799 stores, up just slightly from the 1,790 it had as of Jan. 31.
Walmart Stores Inc.
Same-store sales at Walmart increased 2 percent in the U.S. during the second quarter, driven in large part by an increase in traffic to the stores and despite a shrinking U.S. business, the retailer said.
Operating income in the U.S. was down 8 percent in the quarter to $4.8 billion, while net sales were up 5 percent to reach $74 billion.
At Sam’s Club, U.S. comps excluding fuel were up 1 percent, and net sales without fuel were up 3 percent, even as operating income (excluding fuel) plummeted 10 percent during the quarter.
Total revenue for the company was $120.2 billion, or $124.5 billion on a constant currency basis.
Operating income for the overall Walmart Stores, Inc. also was down 7 percent (excluding fuel). The company noted that performance continues to be
affected by a “higher than expected ongoing shrink in Walmart U.S.,” as well as reduced pharmacy reimbursement rates in the region.
TJX Companies Inc.
U.S. same-store sales rose 4 percent year-over-year in the second quarter ended Aug. 1 for T.J. Maxx and Marshalls stores, parent company The TJX Companies Inc. reported.
The company attributed the rise in comps to increased traffic at its stores--its fifth consecutive quarter of traffic improvement--as well as strong sales across all divisions and an “eclectic, exciting” merchandising mix.
U.S. net sales for the two store chains were up 7 percent during the period, increasing from $4.5 billion to $4.81 billion.
Globally, overall comps increased 6 percent while net sales also increased by 6 percent to hit $7.36 billion.
Net income for the company rose from $517.6 million to $549.3 million.
By the end of the second quarter, the company had increased its store locations in the U.S. to 2,629: 1,130 T.J. Maxx locations, 990 Marshalls stores, 503 HomeGoods stores, and six of its Sierra Trading posts.
Looking forward, The TJX Companies said that it estimates comp growth of about 3 percent to 4 percent for the full fiscal year.
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