New York, June 2—-Some of the nation’s top retailers reported results for May. Wal-Mart confirmed that May sales rose 2.5 percent at its U.S. stores open at least a year, with demand for groceries making up for sluggish sales of summer merchandise.
The company, which gave preliminary May sales results on Saturday, said total company sales for the four weeks ended May 27 rose 9.3 percent to $23.42 billion.
Wal-Mart had forecast a 2 percent to 4 percent increase in May same-store sales. A year ago, it had a strong 5.9 percent jump in May same-store sales.
For June, Wal-Mart said it expects same-store sales will rise by 2 percent to 4 percent.
Target reported a 5.1 percent increase in May same-store sales, just above the high end of its forecast. The No. 2 U.S. discount chain said total sales for the four weeks ended May 28 were up 12.1 percent to $3.5 billion.
Target had said that same-store sales were running at the high end of its forecast for a 3 percent to 5 percent increase.
Costco's total May same-store sales climbed 5 percent, but it said cool weather slowed sales of seasonal merchandise and apparel.
May Department Stores, on Thursday said sales for the month of May at stores open at least a year fell 2.9 percent.
For the four weeks ended May 28, the retailer posted preliminary net sales of $1.12 billion, up 14.5 percent from a year earlier.
J.C. Penney posted better-than-expected May same-store sales of 3.5 percent, above analysts' estimate of 1.9 percent.
On the other end of the price spectrum, luxury retailers such as upscale department store Nordstrom reported its May same-store sales rose 7.4 percent.
Neiman Marcus Group on Wednesday posted an 11 percent jump in May sales, well above Wall Street's expectation of a 5 percent increase. It cited fewer markdowns and strong sales of jewelry, handbags and accessories.
Pier 1 Imports Inc, which has been battling stiff competition from discounters, posted a 7.7 percent slump in May same-store sales, citing lackluster customer traffic and weak sales of outdoor furniture and garden accessories. It also lowered its forecast for first-quarter earnings.
