News

Macy’s and J.C. Penney top estimates

BY CSA STAFF

New York City The nation’s department store retailers generally reported better-than-expected results in September, helped by a strong back-to-school season.

Macy’s same-store sales rose 4.8% in September, helped by a strong back-to-school season and strong results from private brands, better than the 3.3% rise that analysts had expected. For the five weeks ended Oct. 2, total sales rose 6.9% to $2.18 billion.

The department store company’s online sales, which include results for Macys.com and Bloomingdales.com, climbed 29.3% in September. Online sales are included in the company’s same-store sales results.

Chairman, president and CEO Terry Lundgren said in a statement the chain continued to see strong results from private brands, including American Rag and Material Girl, a juniors brand from Madonna.

“We continue to be impressed by the ability of our My Macy’s localization initiatives to address specific customer needs by location, including in those pilot markets where implementation now is in its third year,” Lundgren said. “The sales growth at both Macy’s and Bloomingdale’s has fueled a high level of energy and spirit within our organization. We believe this momentum will work to our benefit as we approach the upcoming holiday selling season.”

J.C. Penney said its September same-store sales rose 5.1%. Analysts, on average, had expected comparable store sales to rise 3.1%, according to Thomson Reuters. Total sales for the five weeks ended Oct. 2 rose 2.9% to $1.48 billion.

Overall, J.C. Penney said, men’s apparel was the top performing division for the month, followed by shoes and fine jewelry, which benefited from a successful promotion. The best performing regions were the southeast and central regions

Kohl’s Corp. said its September same-store sales rose 3%, slightly below the target of 3.3% in a survey of analysts by Thomson Reuters. Total sales rose 5.3%.

Kevin Mansell, Kohl’s chairman, president and CEO, commented, “We are pleased with our sales performance in September, especially given the comparison to last year’s 5.5% comparable store sales increase. The Southeast and Midwest regions outperformed the company. From a line-of-business perspective, the Footwear business once again reported the strongest comparable store sales for the month.”

  • Nordstrom reported a 7.5% increase in sales, better than the 4.3% gain analysts expected.
  • Saks said its sales were up 6.5%. Analysts, on average, had expected same-store sales to rise 3.8%.
  • Dillard’s sales rose 3%, exceeding estimates.
  • Bon-Ton Stores reported a 5.9% increase.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
News

Here comes the Modern Bride line at JCPenney

BY CSA STAFF

Here comes the Modern Bride line at JCPenney

PLANO, Texas – JCPenney announced that it is partnering with Conde Nast to launch Modern Bride, a new line of bridal accessories, to expand its bridal offerings.

The fine jewelery line will launch in February 2011 in stores and online with merchandise targeted primarily to the 25 to 34 year-old customer. The line will include an expanded assortment of bridal jewelery including engagement rings and wedding bands.

"This collaboration with the experts at Conde Nast will allow us to take our bridal business to the next level, creating an even more comprehensive and distinct destination for brides," said Myron Ullman, III, chairman and chief executive officer of JCPenney. "Conde Nast’s deep understanding of the bridal market and valuable direct connection to potential customers make them the ideal partner, allowing JCPenney to cater to brides who will appreciate the Modern Bride name and continue to shop with JCPenney beyond their wedding day."

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
News

NRF anticipates moderate growth for holiday sales

BY CSA STAFF

NRF anticipates moderate growth for holiday sales

WASHINGTON – One of the world’s largest retail trade associations is projecting that holiday sales will increase by a moderate 2.3% to $447.1 billion.

The National Retail Federation said that while growth remains slightly lower than the 10-year average holiday sales increase of 2.5%, it would be a marked improvement from both last year’s 0.4% uptick and the dismal 3.9% holiday sales decline retailers experienced in 2008.

“While many consumers will be wishing for apparel and electronics this holiday season, retailers are hoping the holidays bring sustainable economic growth,” said NRF president and CEO Matthew Shay. “Though the retail industry is on stronger footing than last year, companies are closely watching key economic indicators like employment and consumer confidence before getting too optimistic that the recession is behind them.”

NRF’s holiday sales forecast is based on an economic model using several indicators, including employment, industrial production, disposable personal income and previous monthly retail sales reports. NRF defines holiday sales as those made in November and December.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...