Privately held luxury department store Neiman Marcus Group posted a 20.8% drop in same-store sales. Rival Saks reported a 4.4% decline, beating Wall Street's expectations for a steeper drop after getting a boost from a designer sale event. Analysts had predicted a drop of 11.8%.
Limited Brands ltd struggled with a 12% drop in same-store sales last month; analysts expected a 7.9% decline. Gap posted a 10% decline in same-store sales, while analysts expected an 8.6% drop.
Many teen and children's stores had a challenging month, raising concerns about how much parents will spend on back-to-school merchandise. Abercrombie & Fitch's same-store sales fell 32%, even more than the 26.6% decrease Wall Street projected. Wet Seal's wtsla fell 11.1%, while analysts expected a 9.1% decline. And The Children's Place plce reported a 12% decline, passing the 8.7% analysts projected.
Even retailer The Buckle, which has had 22 months of consecutive double-digit same-store sales gains, according to Perkins, saw its gains slow last month. The accessories and footwear store reported a 9.6% rise, compared with the 12% increase Wall Street projected.