Retailers report sluggish April sales

Companies cite economic fears, cool weather as factors

? The arrival of Easter and the winding down of the war in Iraq couldn’t lift retailers out of their slump in April — consumers still nervous about jobs curbed their spending for yet another month.

As the nation’s largest retailers reported their monthly sales Thursday, department stores again languished, hurt in part by cool weather that stalled sales of spring clothing. Discounters fared better, but even their results were mixed.

Wal-Mart, the world’s largest retailer, late Wednesday reported slightly lower-than-expected sales at stores open at least a year, known as same-store sales.

Among the companies reporting Thursday, Kohl’s Corp. also had same-store sales that were below analysts’ expectations. The retailer cut its first-quarter earnings forecast.

One big bright spot was Gap Inc., which continued its comeback, reporting a same-store sales surge almost double what analysts had expected.

Same-store sales — sales at stores open at least a year — are considered the best measure of a retailer’s strength. The apparel chain also boosted its earnings estimate for the first quarter.

Michael Niemira, vice president of Bank of Tokyo-Mitsubishi Ltd., said that while the sales trend was still relatively weak, there “may be some positive surprises ahead.”

Bank of Tokyo Mitsubishi’s same-store sales tally of 76 stores’ results was up 3.2 percent in April, slightly lower than what was expected.

Shoppers enter and leave a Wal-Mart store at a mall in Cerritos, Calif. Wal-Mart Stores Inc. was one of several retailers reporting disappointing sales for the month of April as the nation's retailers reported their monthly sales Thursday.

Analysts were hoping for a better performance, partly because Easter fell on April 20, three weeks later than a year ago.

Other retailers with stores in the Lawrence area reported:

  • Sears, Roebuck and Co., domestic same-store sales down 8.5 percent.
  • J.C. Penney Co.: same-store sales down 6.9 percent.
  • Abercrombie & Fitch: same-store sales down 3 percent.
  • Target Corp.: same-store sales up 3.9 percent.