Strong economy does little to lift department store sales

Strong economy does little to lift department store sales

Macy's shares are taking the biggest beating, down more than 18 percent in early trading. In the same period past year, the company reported same store sales growth of 3.4%.

We delivered our second consecutive year of positive holiday comparable sales, driven largely by the traction of our strategic initiatives: Backstage, Vendor Direct, Store Pickup, Loyalty and Growth50. Even Target's stock took a hit, falling almost 3 percent despite showing strong holiday sales.

Macy's stock posted its largest single-day percentage decline on record in trading Thursday after the struggling retailer warned of weak holiday sales and slashed its full-year forecast.

Macy's said its holiday sales season kicked off with a strong Black Friday weekend, but sales "weakened in the mid-December period and did not return to expected patterns until the week of Christmas", CEO Jeff Gennette said in a statement.

Macy's weak holiday forecast follows downbeat numbers from rivals J.C. Penney Corp (JCP.N) and Kohls Corp (KSS.N). "There is a lot of uncertainty out there".

Adding to the uncertainty is that investors will not be getting December's monthly retail sales data next week from the Commerce Department if the government shutdown is still in effect, as most observers expect. Its comparable sales, including licensed departments, rose 1.1 percent during November and December.

Bernie Sanders Apologizes to Women Who Were Allegedly Harassed During His Campaign
He also denied knowing about a discrimination settlement reached with his campaign that was disclosed in a Politico story . This comes just a week after Sanders acknowledged his campaign failed to handle allegations properly.

Chelsea reject Barcelona bid for Willian - and offer of Brazilian forward Malcom
Willian saw a proposed move to the Nou Camp fall through previous year while Malcom was a £38m buy from Bordeaux. Barcelona are considering a second bid for Chelsea forward Willian , according to reports .

Davis police officer killed Thursday night
Proud father Merced Corona pinned a badge on his daughter at academy graduation, the Williams Pioneer Review newspaper reported. Police have not announced a possible motive for the carnage. "We have to reserve some information in order to keep us safe".

Analysts also point to factors that hit Macy's in particular.

Consensus estimates are calling for $4.23 in EPS and $25.01 billion in revenue for the coming year.

Target, on the other hand, bucked the trend by posting strong online growth in November and December. It also operates SuperTarget stores with a line of food and general merchandise items and offers an assortment of general merchandise, including many items found in the company's stores and a complementary assortment, such as extended sizes and colors, sold only online. That is key to Target's campaign to hold online retailers like Amazon at bay, particularly during the competitive holiday season, because shoppers can dodge shipping fees.

Meanwhile, the company said its comparable sales increased 0.7% in November and December, but cut the guidance of its annual comparable-sales growth to 2%, down from 2.3% to 2.5%. Comparable online sales climbed 29 percent. The maintained outlook may have disappointed investors.

Macy's also reduced its profit guidance, telling investors to expect 2018 earnings per share to fall between $3.95 and $4.00, down from a range of $4.10 to $4.30 in mid-November. That's well below the per-share projections of $4.23 from industry analysts.

Related Articles

  • McLaren puts ex-Porsche man Seidl in charge of F1!

    McLaren puts ex-Porsche man Seidl in charge of F1!

    The team's previous technical head Tim Goss was moved aside in April, after former engineering director Matt Morris resigned. McLaren's changes have been prompted by its dismal 2018 campaign. "They are working very hard for next season", he said.

    Mobile deploys Caller Verified to crack down on scammers

    The carrier's Caller Verified technology is being deployed to the Galaxy Note 9 first, activating when an incoming calls arrives. No wonder people are answering the phone less often and using other communication methods, like texting.
    Macedonia Lawmakers Set Again To Debate Name Change Amid Uncertainty

    Macedonia Lawmakers Set Again To Debate Name Change Amid Uncertainty

    Prime Minister Zoran Zaev said the move would "open the doors to the future, Macedonia's European future". Ethnic Albanians make up about a quarter of Macedonia's 2.1 million people.
  • US Moves in Syria Irk Russia, Turkey

    US Moves in Syria Irk Russia, Turkey

    Pompeo's remarks follow tensions between the U.S. and Turkey over the fate of Washington's allies in the fight against ISIS. Earlier this week Pompeo told reporters in Iraq that U.S.
    Congresswoman's Campaign Fined for Lapsed Comp

    Congresswoman's Campaign Fined for Lapsed Comp

    They believe the movement behind Ocasio-Cortez to try and help elevate her to a top committee post is undeserved. One House member who is trying to mentor Ocasio-Cortez on how to get along and get ahead in Washington is Rep.
    Tulsi Gabbard announces she will run for president in 2020

    Tulsi Gabbard announces she will run for president in 2020

    She comes from a multicultural, multi-religious family and, as a practicing Hindu, was the first Hindu elected to Congress. Hawaii Democratic Representative Tulsi Gabbard announced she will run for president in 2020 on Friday.
  • Mauro ICARDI's agent:

    Mauro ICARDI's agent: "The two biggest clubs in Spain are interested"

    And the Blues will push ahead with their interest in the £100million-rated Argentinian, 25, with Real Madrid, Barcelona and Paris Saint-Germain also in the hunt.
    Ottawa bus crash leaves 3 dead, 23 injured

    Ottawa bus crash leaves 3 dead, 23 injured

    Nepean's MP said the crash reminded her of another devastating incident involving an OC Transpo bus in Barrhaven back in 2013. The driver of the OC Transpo bus was released unconditionally pending further investigation.
    How Much Tim Tebow Spent on His Fiancée's Engagement Ring

    How Much Tim Tebow Spent on His Fiancée's Engagement Ring

    Experts at JamesAllen.com told Page Six Style that the ring could easily cost $1 million through traditional retailers. Tim Tebow and longtime girlfriend Demi-Leigh Nel-Peters are engaged, according to People magazine.
  • Florida governor will be in Broward County, possibly to announce sheriff's suspension

    Florida governor will be in Broward County, possibly to announce sheriff's suspension

    Spellman and William Hoeveler Chapter of the American Inns of Court, the Junior League of Miami , and Fairchild Tropical Gardens. According to Lagoa's court profile, while a practicing lawyer, she was admitted to practice by the Florida Bar, the U.S.
    Midwestern states brace for winter storm to hit the region

    Midwestern states brace for winter storm to hit the region

    Philadelphia is expected to receive a few inches of snow, but areas north of there are expected to be spared, Orrison said. It would be among the city's 10 greatest snowstorms - landing at the No. 2 spot - of all time if that happens.
    Browns will hire Steve Wilks as new defensive coordinator

    Browns will hire Steve Wilks as new defensive coordinator

    According to NFL.com reporter Ian Rapoport, the Browns will hire Wilks as the team's new defensive coordinator. That announcement is coming, eventually, and Kitchens has been working since Wednesday as the head coach.