×
355
Fashion Jobs
MANPOWERGROUP SERVICES INDIA
Opening || Horeca Sales Manager || Kolkata
Permanent · Kolkata
DBS BANK
Hiring For Area Sales Manager - Gold Loan
Permanent · Karaikal
DBS BANK
Hiring For Area Sales Manager - Gold Loan
Permanent · Thiruvarur
DBS BANK
Hiring For Area Sales Manager - Gold Loan
Permanent · Tirunelveli
AVANTOR
Area Sales Manager- Lab Consumables
Permanent · Pune
ADIDAS
Manager Brand Activation Originals
Permanent · GURUGRAM
ZACH LIFESTYLE PVT. LTD.
Manager - Content & Social Media
Permanent · MUMBAI
MONALISA ELECTRONIC DESIGN CENTRE PRIVATE
Excellent Job Opportunity For Area Sales Manager- gt & mt
Permanent · Shimla
RRD
Associate Production Manager
Permanent · Chennai
GOKALDAS EXPORTS
Executive - Warehouse (Apparel / Garments Background)
Permanent · Bhopal
NEW ALFA INTERNATIONAL
Foundry Production Manager
Permanent · Dubai
MEDCIS PATHLABS
Medcis Pathlabs is Hiring For Pathology Area Sales Manager
Permanent · Visakhapatnam
PERFECT PUBLISHING SOLUTIONS
Area Sale Manager-b.Tech Fresher-German Mnc -Immediate Joining
Permanent · Bhubaneswar
PERFECT PUBLISHING SOLUTIONS
Area Sale Manager-Denmark Mnc - Medical Device or Hearing Aid
Permanent · Chennai
PEOPLE ALLIANCE WORKFORCE
Area Sales Manager - Cosmetics & Personal Care - Fmcg Industry
Permanent · Bhopal
DESAI ELECTRONICS
Manager Production
Permanent · Pune
PEOPLE ALLIANCE WORKFORCE
Area Sales Manager - Ophthalmic Segment/Ent- Pharma Industry
Permanent · Bengaluru
PEOPLE ALLIANCE WORKFORCE
Sales And Marketing Executive/Asst. Manager -Rigid/Plastics Packaging
Permanent · National Capital Region
BT PRINT PACKAGING SOLUTIONS LLP
Sales Engineer / Businesss Development Manager / Area Sales Manager
Permanent · Faridabad
PEOPLE ALLIANCE WORKFORCE
Area Sales Manager/Asm/Sales Manager- Pharma Industry
Permanent · Chennai
PERFECT PUBLISHING SOLUTIONS
Area Sale Manager-Denmark Mnc - Medical Device or Hearing Aid
Permanent · Surat
PERFECT PUBLISHING SOLUTIONS
Area Sale Manager-b.Tech Fresher-German Mnc -Immediate Joining
Permanent · Mangaluru
By
Reuters
Published
Feb 21, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Macy's profit beats estimates on store closures, lower costs

By
Reuters
Published
Feb 21, 2017

Department store operator Macy's reported a better-than-expected quarterly profit, helped by the sale of some of its stores and lower costs and taxes, sending the company's shares up 3.3 percent in premarket trading on Tuesday.

Up to Friday's close, Macy's shares had fallen 10 percent since it reported dismal sales for November and December, and announced store closures and job cuts.



Macy's said on Tuesday it sold its Union Square Men's store building in San Francisco for $250 million.

The company sold 66 stores last year, which helped bring costs down. The company's tax payments in the fourth quarter fell 14.7 percent to $256 million.

Macy's plans to close an additional 34 stores in the next few years, as the company, like rivals Kohl's Corp  and Nordstrom Inc, struggles with a drop in demand for clothes and accessories, and competition from online rivals including Amazon.com.

Canadian retailer and Saks Fifth Avenue owner Hudson's Bay had made a takeover approach for Macy's, Reuters reported this month.

Sales in Macy's stores open at least a year, including sales in departments licensed to third parties, fell 2.1 percent, compared with the 2.2 percent drop analysts polled by research firm Consensus Metrix had expected.

The owner of the Macy's and Bloomingdale's chains said net income attributable to its shareholders fell to $475 million, or $1.54 per share, in the fourth quarter ended Jan. 28, from $544 million, or $1.73 per share, a year earlier.

Excluding items, the company earned $2.02 per share, beating the average analysts' estimate of $1.96, according to Thomson Reuters.

The company's net sales fell 4 percent to $8.52 billion, the eighth straight quarter of decline, and coming in below estimates of $8.62 billion.

Macy's said it expects comparable sales on an owned plus licensed basis to fall 2-3 percent in the year ending January 2018.

In contrast, Wal-Mart Stores reported a 2.8 percent rise in U.S. sales in the fourth quarter, helped by higher store traffic and strong online sales.



 

© Thomson Reuters 2023 All rights reserved.