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.
Abstract About Children’s and Infant Wear Children's wear refers to clothing for children aged between 0 months to 10 years. It includes apparel such as outerwear, underwear, nightwear, socks and t...
This report provides information, analysis and valuable insight on developments relating to the home textile industry in the following categories: acquisitions, divestments and mergers; corporate soci...
Inspection, testing and certification company SCS Global Services (SCS) has joined the Sustainable Apparel Coalition (SAC), and will promote its Higg Index sustainability measurement tool to help driv...
- US fashion firms share their sourcing strategies
- Cost biggest barrier to Bangladesh RMG remediation
- How apparel retailers should react to Brexit
- Britain votes for Brexit – what happens next?
- Lies and statistics – the sustainability version
- Bangladesh firm comes top in World Textile Awards
- Columbia rain jacket a milestone in sustainability
- Ten key trends in apparel and footwear markets
- Myanmar factories prepare for compliance training
- ILO decent work in global supply chains criticised
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Primark Stores Limited: Retailing - Company Profile & SWOT Analysis
- Clothing & Footwear Retailing in Indonesia– Market Summary & Forecasts
- Clothing & Footwear Retailing in China – Market Summary & Forecasts
- Nike Inc in Apparel and Footwear (World)