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Earnings roundup: Macy’s, Nordstrom
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New York--Macy’s Inc. and Nordstrom Inc. reported mixed results for the first quarter ended May 3, with weather taking a toll on sales and off-price outlets continuing to outshine regular stores.
Macy’s same-store sales for the 13-week period were down 2 percent year-over-year, as business during the first three months of the year remained weak, while Nordstrom reported that total company comps were up 4 percent as compared with last year.
Highlights from both company’s first quarter results, reported Thursday, are below.
Macy’s
Macy’s Inc. said comps were down 2 percent in the first quarter. Together with sales from departments licensed to third parties, first quarter comps fell 1 percent.
Total sales also were down 2 percent for the retailer during the period, declining from $6.39 billion in 2013 to $6.28 billion in 2014.
Macy’s operating income totaled $443 million, or 7 percent of sales, for the first quarter, compared with $435 million for the prior-year period.
“Overall, business trends were soft in January through March, with the exception of the Valentine’s Day shopping period,” said Macy’s Chairman and CEO Terry Lundgren. “The trend improved in April when the weather began to turn in northern climate zones. We see this as a good sign moving forward into the second quarter. In addition to weather, first quarter comparisons were negatively impacted by a calendar shift for our popular ‘Friends & Family’ event and the fact that we were up against a very strong first quarter last year.”
The company operates about 840 stores under the names of Macy’s and Bloomingdale’s and their corresponding online presences, as well as 13 Bloomingdale’s Outlet stores.
During the first quarter 2014, Macy’s consolidated two stores in the same mall in Houston into one location as part of a mall redevelopment project.
The company said it continues to expect same-store sales growth in fiscal 2014 in the range of 2.5 to 3 percent.
Nordstrom
Total company comparable sales for Nordstrom Inc. were up 4 percent in the first quarter. Nordstrom comps, which includes full-line stores and direct businesses, increased 3 percent during the period, led by accessories, women’s shoes and cosmetics.
Full-line comps only were down 2 percent.
Nordstrom’s off-price division, Nordstrom Rack, meanwhile, recorded a strong performance, with same-store sales up 6 percent compared with the prior-year period.
Total company net sales were up 7 percent compared with 2013 to $2.8 billion.
Nordstrom Rack net sales surged ahead 20 percent to $126 million compared with the same period last year, and Nordstrom continues to focus on the division. The company announced plans to open only three full-line stores but 17 Nordstrom Rack locations during the remainder of 2014. In the first quarter, Nordstrom opened 10 new Rack stores.
Nordstrom said Thursday that it predicts comps will increase between 2 and 4 percent for the full fiscal year 2014, and that net sales will rise in the range of 5.5 to 7.5 percent.
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