Macy’s has become the poster child for everything that is wrong with mall-based retail, and today’s 3rd-quarter earnings release did little to change that
Macy's says it have a plan to deliver strong holiday results despite a dismal third quarter.Macy’s has become the poster child for everything that is wrong with mall-based retail, and today’s third quarter earnings release did little to change that.
While beating estimates on earnings, Macy’s slashed its guidance for the year and reported its first same-store sales decline in seven quarters. And it was a big decline, with combined owned and licensed sales down 3.5%. That decline looks even worse when reported a day after Target wowed Wall Street with same-store growth of 4.5%.
Macy’s says it is well-positioned for a strong holiday season and that its turnaround plans are working. Some analysts are recommending a buy, betting that the stock has bottomed out and that Macy’s will bounce back over the holidays, as it has done before. But others fear too many Americans are saying, as CNBC host Melissa LeeMacy’s entered today with its stock already down 50% since the beginning of the year, and at its lowest levels since the financial crisis.
Macy’s is investing heavily in its off-price division, Backstage, but that effort highlights the exodus of the Macy’s shoppers of the past to T.J. Maxx and Marshalls. Those stores increasingly seem to be where the frequent Macy’s shoppers of 10 years ago are spending their time today.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
The retail sector has fallen 3% this week, but this isn't the start of another rout, chart analyst saysRetail stocks still have room to climb despite the SPDR S&P Retail ETF (XRT) seeing sustained declines from some worse-than-expected earnings reports, says chart watcher Mark Newton.
Lire la suite »
Is Ryan Hall Making a Comeback? He ExplainsThe American record holder in the half marathon says he won’t be in any races anytime soon, but he is working up his mileage.
Lire la suite »
ABC Renews All 6 of Its Retro Game ShowsABC is not letting its 'Summer Fun and Games' end anytime soon as the network has renewed all six of its retro game shows for new seasons in 2020
Lire la suite »
How Target became the retail trade of the year, with the stock up nearly 90%Target's stock has topped even the strong performances of Walmart and TJX Companies.
Lire la suite »
Macy's posts bigger-than-expected drop in same-store sales, cuts outlookMacy's Inc reported a bigger-than-expected fall in quarterly same-store sal...
Lire la suite »