US: Macy's Q4 earnings climb
- Q4 earnings up 11%
- Sales slide 1.6%
- Comparable sales up 1.4%
Macy’s said it had a strong year in 2013
US department store retailer Macy's recorded an increase in earnings in the fourth quarter but results missed analyst expectations as harsh winter weather hit January sales.
In the three months ended 1 February, earnings climbed 11% to US$811m from $730m a year earlier.
Sales slid 1.6% to $9.2bn versus $9.35bn last year. On a comparable basis, sales were up 1.4%.
Wall Street analysts, however, were expecting $2.17 per share on revenue of $9.28bn, according to FactSet.
Nonetheless, CEO Terry Lundgren was upbeat: "Macy's had a strong year in 2013. This was our fifth consecutive year of double-digit growth in earnings per share and our fourth consecutive year of comparable sales growth.
"Once warm spring weather arrives and our full assortment of fresh spring merchandise is in place, we believe customers will return to a more normalized pattern of shopping. But based on our experience in January and early February, we are watching business trends closely."
Macy's reiterated its full-year guidance of comparable sales in the range of 2.5%-3%, and earnings of $4.40 to $4.50 per share.
"Macy's, Inc. : Retail - Company Profile, SWOT & Financial Report" contains in depth information and data about the company and its operations. The profile contains a company overview, key facts, majo...
With a large population and high income per head, demand for apparel in the USA is huge -- amounting to nearly US$300 bn during 2012. This has facilitated sustained growth of a number of giant retaile...
This report provides information, analysis and valuable insight on developments relating to the performance apparel industry in the following categories: acquisitions, divestments and mergers; company...
The deal by Men's Wearhouse to acquire US men's apparel and footwear business Jos A Bank Clothiers has been given the green light by The Federal Trade Commission (FTC)....
Macys Inc, formerly known as Federated Department Stores, continues to be the leading department store operator, operating under the fascias Macy’s and Bloomingdale’s. Its “My Macy’s” initiative, a lo...
- Africa courts clothing and textile investment
- Li & Fung capital helps PLM firm expand into Asia
- ANALYSIS: New pricing strategy pays off for Nike
- Bangladesh Accord calls on firms for more funding
- Diversification a key focus for Under Armour
- Adidas investigating Cambodia faintings
- Footwear “facing increased compliance challenges"
- Matalan defends its position on Bangladesh
- Arrests made at US REI/North Face protests
- North Face commits to 100% recycled polyester
- Textile Wholesaling in the UK - Industry Market Research Report
- Global market review of denim and jeanswear – forecasts to 2020
- Plunkett's Apparel & Textiles Industry Almanac 2014: Apparel & Textiles Industry Market Research, Statistics, Trends & Leading Companies
- Survey of the European Fabric Fairs: Spring/Summer 2015
- Myanmar - ISA Country Report