Top U.S. Retailers Report Mixed Sales For March

The nation’s largest general retailers reported Thursday that their March sales were mixed, but neither store owners nor industry analysts were surprised, attributing last month’s consumer lethargy to bad weather and a late Easter season.

“Basically, sales were good when you consider changes in the Easter calendar, but they were not strong,” said Monroe Greenstein, an analyst with Bear, Stearns & Co.

Easter falls in mid-April this year, as opposed to March last year, and the March, 1987, results are weak in comparison because consumers put off their holiday buying.

Inclement weather also was cited as a reason for weaker sales.

“You have to look at the March-April period combined” to get a clearer picture of retailers’ early spring performance, said Jeffrey Edelman, an analyst with the investment firm Drexel Burnham Lambert.

Joanne Legomsky, an analyst with Standard & Poor’s Corp., said store owners reported that sales were at anticipated levels. “The numbers look worse than they are,” she said.

The nation’s largest retailer, Sears, Roebuck & Co., said its sales rose 4.2% over March, 1986.

Los Angeles-based Carter Hawley Hale Stores said its overall sales for March were up 7.8% over the same 1986 period.

K mart reported that overall sales increased 4.6%, but sales from stores open at least one year rose 0.1%.

J. C. Penney Co. said its sales fell 1.3%, and F. W. Woolworth Co. said its sales dropped 4.4%.

The rapidly growing Wal-Mart Stores said its overall sales jumped 32%, while sales at stores open at least a year improved 8%.

May Department Stores reported an overall sales increase of 3.5%, but stores open at least a year saw a 2.3% drop.

MAJOR RETAILERS’ SALES IN MARCH

In millions Year % of dollars 1987 ago change Sears 2,618 2,512 +4.2 K mart 2,176 2,080 +4.6 J.C. Penney 1,116 1,131 -1.3 May Dept. Stores 885 855 +3.5 Federated* 763.4 743.9 +4.9 Dayton Hudson 792 756 +4.8 Wal-Mart Stores 1,126 855 +32.0 Woolworth 591 590 +0.2 Montgomery Ward 333 323 +3.0 Carter Hawley Hale 314 291.3 +7.8

* Excludes supermarket sales.

Excludes foreign sales.