US discount retailers, led by Wal-Mart Stores Inc, posted stronger-than-expected August sales on Thursday as shoppers sought last-minute deals on back-to-school items and other products. The sales trends also benefited some specialty apparel retailers, like Gap Inc, which managed to top expectations in a weak US economy. Stores catering to the luxury market fared worse during the month.
"Clearly these retailers know that that's (back to school) their big opportunity," said Sarah Henry, an analyst with MFC Global Investment Management. "They are being really judicious about what they are presenting." Wal-Mart posted a 3 percent rise in same-store sales, beating analysts' forecast of 1.6 percent, according to Thomson Reuters Estimates. The world's biggest retailer cited strong sales of groceries, medicines and other household goods, and gave an optimistic forecast for September, helped by back-to-school sales.
Wal-Mart said shoppers were waiting until the end of the back-to-school period to make their purchases, a trend that was accelerated as more schools opened later in the year. Among other retailers known for lower prices, Family Dollar Stores posted a 3.6 percent rise in same-store sales, compared with expectations for a 3 percent increase. BJ's Wholesale Club Inc same-store sales rose 15.4 percent, above forecasts for a 14.1 pct rise. Nordstrom sales fell 7.9 percent, worse than the 7.1 percent fall analysts expected, while Saks had a 5.9 percent fall, compared with forecasts for a 4.7 percent dip.
Gap same-store sales fell 8 percent, better than a Wall Street forecast for a 9.7 percent decline. Kohl's Corp, which reported on Wednesday, posted a 5.8 percent decline for the month compared with expectations for a 7.6 percent decline.