Macy’s Slashes Forecasts
Macy’s said its sales slump accelerated in the first quarter, dragging down earnings and prompting the retailer to cut its forecast for the year.CEO Terry Lundgren said the company was experiencing "continued weakness in consumer spending levels for apparel and related categories," and noted that sales particularly slowed in mid-March
Shares of Macy's were getting hammered today after the company reported its fifth straight quarterly sales decline in its earnings report this morning.
Kohl’s Posts Surprise Sales Decline
Kohl’s posted a 87% drop in profit in the latest quarter and a surprise decline in sales, in the latest sign of distress by a department-store retailer.Department store operator Kohl's reported a surprise drop in comparable sales and the first drop in net sales in six quarters as unseasonably cool weather hurt sales of spring wear amid a slump in demand for apparel. Sales at Kohl's stores open at least a year fell 3.9 percent in the first quarter. Analysts polled by research firm Consensus Metrix had expected sales to grow 0.4 percent.
Nordstrom Shares Slammed After Earnings
Department store operator Nordstrom Inc reported a drop in first-quarter sales at established stores and slashed profit expectations for the year, adding to the gloom in the department store sector.
J.C. Penney Reports 1Q Loss, Sales Drop
U.S. department store operator J.C. Penney joined rivals including Macy's and Kohl's in reporting a drop in sales in a quarter marked by a slump in apparel demand.
Sales at J.C. Penney stores open at least a year fell 0.4 percent in the first quarter ended April 30, compared with the 3.3 percent rise expected by analysts polled by research firm Consensus Metrix.
J.C. Penney's net loss narrowed to $68 million, or 22 cents per share, in the quarter, from $150 million, or 49 cents per share, a year earlier.
However, net sales fell 1.6 percent to $2.81 billion.
Sales at J.C. Penney stores open at least a year fell 0.4 percent in the first quarter ended April 30, compared with the 3.3 percent rise expected by analysts polled by research firm Consensus Metrix.
J.C. Penney's net loss narrowed to $68 million, or 22 cents per share, in the quarter, from $150 million, or 49 cents per share, a year earlier.
However, net sales fell 1.6 percent to $2.81 billion.
Tiffany Reports Steepest Sales Drop in Six Quarters
Tiffany reported its steepest sales drop in six quarters, missing analysts' estimates, as a strong dollar discouraged tourists from buying its high-end jewelry and ate into revenue from markets outside the United States.
The company also forecast a mid-single digit percentage fall in its full-year profit. Tiffany had earlier said it expected earnings to stay flat or fall by up to mid-single digit in percentage terms.
Sales at the jeweler's stores open for more than a year fell 10 percent in the Americas region in the first quarter ended April 30. Analysts on average had expected a 9.1 percent decline, according to research firm Consensus Metrix.
Sears Reports Bigger Loss, Exploring Options for Two Businesses
Sears Holdings reported a bigger net loss as sales fell and said it was exploring potential partnerships or other deals for its unit that houses the Kenmore, Craftsman and DieHard (KCD) brands and its Sears Home Services business.
Sears, controlled by CEO Eddie Lampert, has lost more than $8 billion over the last five years. The company has managed to post a profit just once in the last four years.
Net loss attributable to Sears' shareholders widened to $471 million, or $4.41 per share, in the first quarter ended April 30 from $303 million, or $2.85 per share, a year earlier.
Revenue fell 8.4 percent to $5.4 billion. Same-store sales fell 6.1 percent, mainly due to fewer Kmart and Sears mall-based stores in operation.
Abercrombie's Sales Fall for 13th Straight Quarter
Teen apparel retailer Abercrombie & Fitch's sales fell for the 13th straight quarter as customer traffic to its stores dropped, mainly in markets outside the United States.
Shares of the company, whose brands include Hollister and abercrombie kids, plunged 13 percent in premarket trading on Thursday.
Comparable sales at international stores open at least a year slumped 7 percent in the first quarter, surprising analysts, who had expected a 0.2 percent rise, according to research firm Consensus Metrix.
Same-stores sales fell 8 percent in the Abercrombie brand, a much bigger decline than the 0.6 percent expected by analysts.
Abercrombie's revenue fell 3.4 percent to $685.5 million in the quarter ended April 30, missing the average analyst estimate of $710.3 million, according to Thomson Reuters I/B/E/S.
The net loss attributable to the company narrowed to $39.6 million, or 59 cents per share, from $63.2 million, or 91 cents per share, a year earlier.
Comparable sales at international stores open at least a year slumped 7 percent in the first quarter, surprising analysts, who had expected a 0.2 percent rise, according to research firm Consensus Metrix.
Same-stores sales fell 8 percent in the Abercrombie brand, a much bigger decline than the 0.6 percent expected by analysts.
Abercrombie's revenue fell 3.4 percent to $685.5 million in the quarter ended April 30, missing the average analyst estimate of $710.3 million, according to Thomson Reuters I/B/E/S.
The net loss attributable to the company narrowed to $39.6 million, or 59 cents per share, from $63.2 million, or 91 cents per share, a year earlier.
