»
Macy’s same-store sales outperformed competitors JC Penney and Nordstrom in the first quarter, falling just 2.6 percent.
Same-store sales at JC Penney dropped 7.4 percent, while Nordstrom’s declined 6.5 percent in the quarter. Revenue for the company beat analyst estimates, declining 2.9 percent to $5.75 billion, compared with a projection of $5.67 billion, according to Bloomberg.
Though the company posted revenue declines, results were “surprisingly good,” according to David Heupel, a fund manager with Thrivent Financial for Lutherans. Dan Poole, who helps manage $34 billion including Macy’s shares at National City Bank in Cleveland, said, “Given the lousy environment, these numbers are not that bad, so investors like the news.”
Wal-Mart also beat analyst estimates for the first quarter.
The last year for Macy’s was softer than expected, but it still outperformed most of its primary competitors in the crucial fourth quarter. Macy’s CFO said that in May, sales got off to a “very good start,” but that the retail environment will remain challenging until at least the third quarter.
In April, Macy’s announced that it was adopting a localized strategy, with 15 percent of the merchandise in stores to reflect local preferences.
Macy’s became the second-largest department store chain when it acquired May stores in 2005. In 2007, it changed its name from Federated Department Stores Inc. to Macy’s Inc. Currently, the company operates 812 Macy’s stores and 40 Bloomingdale’s.
Vending machines filled with a “synthetic blood nourishment beverage” called Tru Blood have sold out - but vampire fans can get more of the bloody refreshment at events across the country promoting a new HBO drama.
The series True Blood,…
Total magazine rate-card-reported advertising revenue for the first half of 2008 closed at $11,554,569,406, down 3.1 percent compared with the first half of 2007, according to Publishers Information Bureau (PIB), Magazine Publishers of America reported (via MarketingCharts).
Ad pages during the first…
Internet coupons have become of increasing interest to consumers, with 11 percent of households now obtaining coupons via the internet - an increase of 83 percent since 2005 - according to (pdf) a recent analysis by Scarborough Research, reports MarketingCharts.
However, the…
AMC’s Mad Men snared 16 Emmy nominations, including best drama - the first time a basic cable series was nominated in the best-series category.
The show received the most nominations of all dramatic TV series. FX’s Damages also received a…
Vogue will follow the lives of three young women as they enter the world of top modeling, pulling video together for a web-based reality series called Model.Live. Clothing retailer Express LLC paid in the low seven figures to be the…
Antiperspirant manufacturer Mitchum is launching a promotion, kicked off in the Pacific Northwest this month, that offers consumers $1 coupons attached to hangers that come from dry cleaners.
This is the third time Mitchum has partnered with EcoHangers - a company…
