Discretionary apparel retailers proffered less-than-sunny earnings vistas this week, with Macy’s, Nordstrom, T.J. Maxx parent TJX, Victoria’s Secret and Abercrombie & Fitch all lowering their outlooks. Gap completely withdrew its second-half forecast on falling sales, while Urban Outfitters missed estimates.Why it matters: After a resurgence in 2021 — when the apparel industry saw one of…
Read article
Despite offering deep discounts, off-price retailers like TJX aren’t immune to the slowdown in consumer spending. During the second quarter of fiscal year 2023, TJX saw comp store sales drop by 5%. The company — which operates off-price retailers TJ Maxx, Marshalls and HomeGoods — had a drop in categories such as home decor and,…
Read article
Target Corp (TGT.N) reported a bigger-than-expected 90% fall in quarterly earnings on Wednesday and missed estimates for comparable sales as it struggled to lure inflation-hit shoppers with steep discounts on apparel, electronics and home goods. A host of U.S. retailers have issued profit warnings in recent weeks as consumers squeezed by higher prices for everything…
Read article
Bed Bath & Beyond moved to the top tier of Fitch’s “top market concern bonds” watch list for potential default following the retailer’s recent disastrous financial results, Eric Rosenthal, the rating agency’s senior director of leveraged finance, tells Axios. Why it matters: Bed Bath & Beyond, as one of the remaining category killers in the…
Read article
Bed Bath & Beyond is making its customers and employees sweat these days. The struggling home goods chain — which reported a steep decline in sales last quarter — is turning down the air-conditioning in its stores in an effort to cut costs, according to Bank of America analysts who have visited the stores.
Read article
Lululemon Athletica (LULU.O) on Thursday raised its full-year revenue and profit forecasts on strong demand for athleisure, and said the impact from COVID-19-related lockdowns in China was modest and more than offset by strength in other regions. Affluent U.S. customers have been helping the premium sportswear maker sustain the sales momentum it attained during the peak of…
Read article
Lululemon Athletica (LULU.O) on Tuesday forecast full-year profit and revenue above estimates as demand for athletic wear remains consistent even as people return to offices, and said it plans selective price increases on some of its products. Shares of the yogawear maker rose about 8% in extended trading as the company also posted better-than-expected fourth-quarter…
Read article
Macy’s on Tuesday reported fiscal fourth-quarter earnings and sales that outpaced analysts’ estimates and said that a strategic review has prompted the retailer to accelerate its turnaround plans. It is rejecting calls from activist Jana Partners for it to split its e-commerce operations from its stores, following a similar move by Saks Fifth Avenue. Macy’s…
Read article
The secretive clan behind the Dillard’s department store chain has a reputation for avoiding reporters, refusing to hold earnings calls and dodging investor queries about their results. So low-profile and seemingly unambitious with respect to their peers, they are sometimes called “the Dullards.” But there is nothing dull about the family fortune, which is suddenly…
Read article
Lululemon (LULU+3.6%) is tapped by Baird to meet or exceed FQ3 earnings as the firm tracked sales and markdown trends at the athleisure retailer. Further, data research company M Science estimates that FQ3 revenue grew at 32% Y/Y vs consensus of 28% growth.“We are reassured that LULU can deliver FQ3 results at least in line…
Read article