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U.S. chain store sales down 2 percent in August

J.C. Penney, Macy's, Neiman Marcus, Saks report sales declines for the period

By Jerilynn Kraus
September 03, 2009

New York--U.S. chain store sales in August decreased 2 percent on a same-store basis compared with the same period last year, representing the strongest reading since September 2008, when sales fell 1 percent, according to the International Council of Shopping Centers (ICSC).

"August sales were better than anticipated," ICSC Chief Economist and Director of Research Michael P. Niemira said in a media release. "These sales figures reflect a turning point in the retail cycle, as retailers have been describing the month's sales as better than expected."

At J.C. Penney Co. Inc., same-store sales decreased 7.9 percent for the four weeks ended Aug. 29, in line with the company's guidance for the period.

Total sales in August decreased 5.6 percent.

According to the company, sales during the month were favorably impacted by the combination of a later start to the back-to-school selling period and the shift of several state tax-free shopping periods into this year's fiscal August.

Women's apparel and the children's division were the best performers in August, due to positive customer reaction to the company's new brands and enhanced style, as well as favorable back-to-school sales. Home was the weakest performing division.

Geographically, the best-performing areas were the Southeast and Southwest, while the Northeast experienced the weakest results.

Over at Macy's, same-store sales were down 8.1 percent for the four weeks ended Aug. 29, and total sales dropped 8.5 percent to $1.543 billion, compared with $1.686 billion for the four weeks ended Aug. 30, 2008.

For the year to date, Macy's same-store sales are down 9.1 percent, and total sales are down 9.5 percent to $11.906 billion, compared with $13.151 billion for the first 30 weeks of 2008.

Online sales (Macys.com and Bloomingdales.com combined) were up 15.1 percent in August 2009 and 13 percent for the year to date. (Online sales are included in the same-store sales calculation for Macy's.)

Meanwhile, same-store sales at Neiman Marcus were down 16.6 percent to $237 million for the four weeks ended Aug. 29, compared with $284 million for the four weeks ended Aug. 30, 2008. Total sales dropped 15.3 percent to $241 million year-over-year.

In the four-week August period, comparable revenues in the Specialty Retail Stores segment, which includes Neiman Marcus Stores and Bergdorf Goodman, decreased 19.6 percent. Ladies' shoes, precious jewelry, beauty and couture apparel were the strongest merchandise categories for the period, while revenue-growth trends were strongest in the company's stores in Texas and the Southeast.

Comparable revenues at Neiman Marcus Direct in the four-week August period increased 0.1 percent. The top-selling merchandise categories included women's contemporary apparel and dresses, beauty and shoes.

At Saks Inc., same-store sales decreased 19.6 percent for the four weeks ended Aug. 29, and owned sales decreased 18.2 percent to $160.8 million, compared with $196.4 million for the four weeks ended Aug. 30, 2008.

The Saks Fifth Avenue stores experienced continued weakness across all merchandise categories during the month. Saks Direct and Saks OFF 5TH showed relative strength in August.

On a year-to-date basis, for the seven months ended Aug. 29, owned sales totaled $1,331.8 million, compared with $1,689.9 million for the seven months ended Aug. 30, 2008, a 21.2 percent decrease. Comparable-store sales decreased 22 percent for the period.

Looking ahead, the ICSC expects U.S. chain store sales for September will be down about 2 percent.
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