Macy's Inc Stock Surges on Earnings - Enjoy it While it Lasts

Nordstrom Lost $20 Million in Q3 Sales Due to Hurricanes

Revenue increased to $5.3bn, down 6.1% from the same period of 2016, partly reflecting store closures. The retailer recorded a drop of 0.9 percent, compared to the decline of 0.2 percent expected by Thomson Reuters.

Shares of Nordstrom fell as much as 7.6 percent to $37 in late trading after the results were released.

Macy's sales fell as it had a hard time pulling shoppers through its doors and Kohl's reported a drop in quarterly profit Thursday, underscoring just how challenging the holiday shopping season will be for department store chains.

Macy's Inc (NYSE:M) early Thursday posted mixed third quarter earnings results and backed its full-year outlook, as sales at established stores continued to fall at an alarming rate.

The Dow Jones industrial average declined 100 points or 0.4 percent to 23,458.

As for Macy's, the company actually said comparable sales fell 4% on an owned basis and 3.6% on a licensed one, but earnings were better than expected.




Excluding restructuring costs as well as retirement plan settlement charges, adjusted earnings for the latest quarter were $0.23 per share, compared to $0.17 per share previous year. A highlight of the third quarter was the launch of the new Star Rewards loyalty program - our best customers are responding positively.

In a Nutshell: Kohl's saw net income decline in the third quarter, as total sales were basically flat.

Macy's also has shifted more focus to its Backstage off-price retail division, especially as rival Nordstrom Rack continues to perform well for Nordstrom and off-price mainstays TJX and Ross Stores continue their upward trajectory. That was worse than the company's guidance of "-2.5% or slightly worse", and Wall Street's view of a -2.7% decline.

Earnings: Net income in the quarter declined 20 percent to $117 million from $146 million a year ago. On the bright side, Macy's said it had a double-digit jump in online sales for the 33rd straight quarter.

Clothing and home saw a 5.3% increase in full price sales, which the company attributes to lower prices and fewer promotions and clearance sales.

Kohl's - with 1,156 stores nationwide, including 116 in California - enjoyed "strong results" during the back-to-school season but a "soft" middle of the quarter "as we experienced disruptions from the hurricanes and other unseasonable weather", Kohl's CEO Kevin Mansell said in a statement.

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