But the news was not universally good. Costco Wholesale said its same-store sales rose 4.0 percent, just shy of the 4.3 percent analyst estimate. Costco was hurt by deflation in gasoline prices and foreign currencies.
Gap, which has been working to turn around its business, also came up short. Gap's sales rose 2 percent, as sales unexpectedly declined at its Old Navy stores. Analysts were expecting Gap's sales would rise 3.1 percent.
Kohl's also continued to struggle. The mid-tier department store said its same-store sales fell 4.2%, far more than the 1.2 percent decline analysts were estimating.
Kohl's has been criticized for failing to capitalize on rival JCPenney's troubles. The company also has stumbled in its attempt to manage inventory more tightly and avoid deep discounting. As a result, Kohl's saw a shortage of products during the month, which hurt sales. Unfortunately, the situation won't correct itself quickly, and Kohl's shares sold off in trading Thursday.
"We made some progress in building our inventory levels, but continue to expect lower units to hinder our sales until the back-to-school season," Kevin Mansell, Kohl's chairman, president and CEO said.Page 2 of 3 | Prev Page | Next Page