June Same-Store Sales Top Street Estimates (Update 1)
This story has been updated from 10:42 am ET with Gap's same-store sales numbers and closing stock prices.
NEW YORK (TheStreet) - Retailers that still report monthly same-store sales posted gains in June that exceeded Wall Street expectations.
Only 11 retailers still report the once famous monthly metrics, with more retailers - the latest was Target
Excluding the drug stores, Walgreens
Analysts predicted overall June sales to rise 3.6%. Including Gap, the overall June tally also came in at 4.8%, above expectations and significantly better than the 1.8% decline in the year-earlier period.
"Some retailers used promotional activity during June to attract consumers, such as the Victoria's Secret semi-annual sale. The Gap was less promotional, and its summer dresses were a big hit with consumers trying to stay cool in the summer heat," a report by Thomson Reuters said.
That said, "shopping mall traffic was stagnant in June, with consumers delaying shopping trips until the back to school shopping season begins later in the summer," the report said.
Comparable store sales at Gap
Analysts had predicted same store sales to rise 4.7% for the company.
Store sales growth was fueled particularly by a 13% jump in Old Navy global comp sales, offset by a 1% decline in Banana Republic comp sales, the company said.
Gap's net sales rose a healthy 8% to $1.53 billion for the five-week period ending July 6 over last year.
Costco's net sales of $9.92 billion for the month of June rose 8% over the same period last year. (Retailers such as Costco generally count the five weeks ending July 7 as its June period.)
Department store Stein Mart
Total sales rose 2.6% to $109 million. The company had 262 stores as of the end of June.