With 47 chain stores reporting, retailers turned in a better than expected performance for the month of June, although most still remained under last year’s growth levels. Thomson Financial’s same store index found sales in June rose by 2.4 percent, considerably stronger than Thomson’s estimate of 1.8 percent growth and a level the research firm called “healthy.” Other observers were less sanguine about the June results, noting that the month is often an indicator of sales in the important back-to-school season. Among the most disappointing of the results, Macy’s Inc. reported same store sales declined 2.7 percent in the month, well below projections that sales would range from flat to a 2 percent decline. Macy’s cut its second-quarter earnings guidance to reflect the downturn. In all, the Thomson report noted that 53 percent of retailers reporting missed their same store estimates for the month, while 44 percent of the retailers beat their estimates.
