US: Macy's lifts full-year outlook as Q3 profit rises
- Q3 profit up 4.3% to $145m
- Sales rose 3.8% to $6.08bn
- Company has lifted full-year guidance
Department store retailer Macy's today (7 November) raised its full-year earnings guidance as it booked a 4.3% rise in third-quarter net profit, helped by its strategy of tailoring merchandise to the needs of local markets.
Net income rose to US$145m during the 13 weeks ended 27 October, compared to $139m last year. Operating income increased 11.7% to $325m.
Sales were up 3.8% to $6.08bn, boosted by a 40.4% jump in online sales. On a same-store basis, sales rose 3.7%.
"We were pleased to deliver sales and earnings growth for the 11th consecutive quarter," said Terry Lundgren, chairman, president and CEO of Macy's.
"Our success in the third quarter reflected a combination of factors, as has been the case over the past several years. We continue to implement our My Macy's localisation, omni-channel integration and enhanced customer engagement strategies with increasing precision, passion and success. This has helped us to deepen our relationship with customers and capture market share."
Macy's now expects full-year earnings per share to range from $3.35 to $3.40, compared to its previous guidance of between $3.30 and $3.35 per share. The retailer also forecasts same-store sales will increase 4% against earlier guidance of 3.7% growth.
2013 got off to a strong start for US clothing and footwear retailers in January, with many reporting their best performance since September 2011....
Omaha-based investment firm Waitt Company has acquired the Judith Leiber, Adrienne Vittadini and Taryn Rose brands as part of a co-investment with brand development company Authentic Brands Group....
US women's wear chain Cache has appointed Daphne Pappas as executive vice president, chief merchandise officer. ...
US sportswear retailer Finish Line has posted a 20% decline in fourth-quarter net profit because of a drop in sales and weaknesses at its running business. ...
US department store retailer Macy's is to expand its online distribution centre in Goodyear, Arizona, to help manage continued sales growth as part of its omni-channel strategy....
Men's Wearhouse has today (6 March) appointed Jon Kimmins as executive vice president, chief financial officer and treasurer. ...
US department store operator Macy's saw fourth quarter net profit fall on the back of debt related expenses, but offered an upbeat outlook for continued sales growth in 2013....
- Supply chain takeaways from Sourcing at MAGIC
- Cotton supply chain transparency an ongoing issue
- No simple way to be sustainable, says SAC CEO
- Why voters don’t want more global supply chains
- Denim and athleisure top picks for back-to-school
- Li & Fung eyes supply chain speed in 3-year plan
- Zara USA faces US$5m deceptive pricing lawsuit
- EU clothing imports from China continue to plunge
- EU relaxes origin rules on Jordan clothing exports
- US Q2 in brief - Sears, Burlington, Tilly's
- Too Many Standards
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Under Armour, Inc. (UA) - Financial and Strategic SWOT Analysis Review
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras