Macy's is shutting its Westside Pavilion store and others in California
Nov 10 2017
Net sales for the quarter declined 6.1 percent to $5.28 billion from $5.63 billion in the year-ago period and missed analysts' consensus estimate of $5.31 billion. The department store giant posted quarterly adjusted diluted earnings per share (EPS) of $0.23 on revenues of $5.28 billion. The retailer recorded a drop of 0.9 percent, compared to the decline of 0.2 percent expected by Thomson Reuters.
In a Nutshell: Net income more than doubled, while sales fell slightly, mostly due to store closures, in the third quarter, at Macy's Inc. The decline in sales partly reflects the closure of stores previously announced by the company.
(M) on Thursday reported a profit for the third quarter that more than doubled from a year ago as lower costs and expenses more than offset a decline in sales.
Macy'ssaid its third-quarter profit, excluding the one-time charges, equaled 23 cents a share, up from 17 cents in the year-earlier quarter. Comparable sales were down 4 percent in the quarter.
Even so, Macy's Chief Executive Jeff Gennette said he was "excited about our plans" for the holiday season, in part because of a new loyalty awards program.
On Thursday, Kohl's CEO Kevin Mansell said the company saw positive traffic momentum in the first half of the year, but remained fairly mum on the Amazon partnership.
Nordstrom reported a 0.9 percent decline in same-store sales for the quarter ended October 28, missing the 0.4 percent decline expected by research firm Consensus Metrix. But the department store chain reported weaker-than-expected sales as it continues to have a hard time pulling in shoppers into its doors. Nordstrom kept its call for flat comparable sales for fiscal 2017 and tweaked lower the upper limit of its forecast for 2017 per-share earnings to between $2.85 a share and $2.95 share, from a previous guidance of between $2.85 a share and $3.00 a share. Simply put, Macy's shares rising on a mostly disappointing third quarter emphasize just how far its stock has fallen over the past year. On the bright side, Macy's said it had a double-digit jump in online sales for the 33rd straight quarter.
CORRECTION: Nordstrom reported $3.63 billion in revenue for the quarter. "We recognise now that we face stronger headwinds in Food which will be addressed in the year ahead", Rowe said.