Best Buy Co Inc (BBY.N) on Thursday joined peers with a cautious annual earnings forecast as uncertainty over the U.S. economic outlook tempers expectations for a recovery in demand for TVs, laptops and other electronic products. U.S. retailers offered bigger discounts than usual during the holiday season to stoke demand as surging costs of rent…
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Macy’s Inc (M.N) beat estimates for holiday quarter results and forecast annual profit largely above expectations as the department store operator looks to rein in promotions to beef up its margins, sending its shares up 10% on Thursday. Like many retailers, Macy’s offered steep discounts during the holiday season to get rid of excess inventory…
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Target Corp (TGT.N) on Tuesday forecast muted profit growth in 2023 and warned of the need for more discounts to woo shoppers cutting their discretionary spending due to surging inflation. The retailer’s discounting strategy powered its sales and profit in the holiday quarter to exceed market expectations for the first time in a year, lifting…
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Wayfair Inc. (NYSE:W) rose almost 9% amid a research report about improved share trends for the ecommerce company.Wayfair (W) share trends increased for the first time since Q1 2021, driving improved strength in Q4, according to a M Science report from Wednesday. Early Q1 trends are mixed.Wayfair (W) is scheduled to report Q4 results next…
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Abercrombie & Fitch Co (ANF.N) said on Tuesday it was “cautiously optimistic” about the holiday season and forecast a smaller-than-expected drop in current-quarter sales after resilient demand led to a surprise quarterly profit. The Ohio-based apparel retailer’s shares that have lost nearly half of their value this year were up about 19% after the company…
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Boot Barn says it propelled sales forward thanks to store expansion — even as digital channels face headwinds. On Wednesday, the western and work-wear apparel retailer announced it opened 10 stores during the second quarter of its 2023 fiscal year — including expansion into New Jersey and Delaware — bringing its total number of locations to 321. The…
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American Eagle Outfitters (NYSE:AEO) stock slid by double-digits in Wednesday’s extended session after the company posted a disappointing second quarter earnings result. The Pennsylvania-based retailer posted significantly lighter than expected EPS alongside in-line revenue. Gross profit declined 26% from a particularly strong 2021 and reflected an over 11% margin contraction. “This is an unprecedented time…
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As Macy’s, Kohl’s and J.C. Penney grapple with what success means for a mid-tier department store in the 21st century — fending off activist investors, taking on new owners or announcing new strategies — Southern department store chain Dillard’s quietly plugs along. The company grabbed 0.4% of market share in the second quarter compared to…
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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…
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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,…
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