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....
- Slow fashion: a fast-growing opportunity?
- Rethink needed as low-cost labour options dwindle
- China's apparel sector ponders sustainability
- US textile and apparel trade and sourcing snapshot
- African apparel sector needs cooperation to thrive
- Tazreen Fashions compensation agreement outlined
- Puma commits to 100% PFC removal
- Long-term partnerships key to Adidas sourcing mode
- Gap unveils management changes as Q3 profit rises
- US trade snapshot shows apparel and footwear shift