June '03 Sales: Bright Spots Among the Clouds
Retail sales perked up in June for some retailers—particularly for specialty stores such as Anaheim, Calif.–based teen specialty chain Pacific Sunwear of California Inc., which continued its hot sales streak with a 22.2 percent gain in net sales and a 13.4 percent increase in samestore sales. Fort Myers, Fla.–based specialty retailer Chico’s FAS Inc. was also on a tear last month with a 41.7 percent increase in net sales and a 16.5 percent increase in comparable- store sales. And Brisbane, Calif.–based Bebe Stores Inc., which has struggled over the past year, turned in stronger results in June—its net sales rose 8.5 percent, and its same-store sales climbed 3.3 percent. Other specialty retailers posting increases included San Francisco– based Gap Inc. and City of Industry, Calif.–based Hot Topic Inc.
But it was not all good news among the specialty stores. Foothill Ranch, Calif.–based Wet Seal Inc. continued to post negative results. Net sales for the company dropped 15 percent, and samestore sales plummeted 21.5 percent.
The news among the larger retailers was not as sunny as it was for the specialty stores. Most posted flat sales or single-digit decreases. However, Bentonville, Ark.–based retail giant Wal-Mart Stores Inc., Minneapolisbased Target Corp. and Framingham, Mass.–based The TJX Companies Inc. all posted strong net-sales gains. And Dallasbased Neiman Marcus Group Inc. saw same-store sales increase by 10.3 percent and net sales increase by 13.4 percent. —Alison A. Nieder
