Macy’s raised its full-year profit forecast on Wednesday and reported better-than-expected quarterly and same-store sales, helped by strong international tourism, a new loyalty program and a greater product assortment.
Sears shares jumped 16 percent on Wednesday after the company announced a tyre service partnership with Amazon, part of Chief Executive Officer Edward Lampert’s strategy to make the troubled retailer profitable again.
Target Corp said on Tuesday it expects profit margins to stabilize in the year ahead even as they are pressured by investments in store and online operations, sending its shares down more 4 percent in afternoon trading.
Deloitte’s Global Powers of Retailing ranking 2018 shows that US retail giants are losing their grip on the international market, while e-commerce, European fast fashion and sportswear brands are all gaining ground.
Shoppers splurged more than $1.52 billion online by Thanksgiving evening, up 16.8% over last year, and more bargain hunters turned up at stores this year as retailers opened their doors early on the eve of Black Friday.
Department store operator Kohl’s Corp reported a lower-than-expected quarterly profit, hit by higher costs and store closures due to hurricanes, sending its shares down 7 percent and dragging the sector down.
Vendors who work with the retailers and consultants who advise big department stores say this year chains are much slower in placing new orders for the holidays, as they deal with declining foot traffic.
Ralph Lauren Corp’s quarterly revenue and profit beat Wall Street estimates on Thursday, selling more of its high-end clothes at full price and keeping a lid on costs, sending its shares up more than 5% on Thursday.