Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Nordstrom    JWN

Mes dernières consult.
Most popular
News SummaryMost relevantAll newsSector newsTweets

Macy's outlook disappoints Street, shares drop

share with twitter share with LinkedIn share with facebook
share via e-mail
05/09/2012 | 04:05pm CET

(Reuters) - Macy's Inc (>> Macy's, Inc.) kept its full-year profit forecast despite reporting better-than-expected first-quarter earnings on Wednesday, sending the retailer's shares down 6 percent.

(Reuters) - Macy's Inc (>> Macy's, Inc.) kept its full-year profit forecast despite reporting better-than-expected first-quarter earnings on Wednesday, sending the retailer's shares down 6 percent.

Macy's, which also owns the upscale Bloomingdale's chain, has handily outperformed mid-tier competitors such as J.C. Penney Co Inc (>> J.C. Penney Company, Inc.) and Kohl's Corp (>> Kohl's Corporation) in terms of sales gains in the last year.

But Macy's gross profit margin edged down in the first quarter and its sales growth in April, which had been expected to be weaker than in March because of an early Easter, came in below what Wall Street was expecting.

Macy's may have been facing pressure from Kohl's, which lowered prices during the quarter, along with shoppers' concerns about higher gas prices, said Morningstar analyst Paul Swinand.

He added that Macy's long winning streak may have led analysts to get ahead of themselves.

Macy's shares last week rose to $42.17, their highest level since July 2007, making them vulnerable to a sell-off. On Wednesday morning, the shares fell 6 percent to $37.14 on the New York Stock Exchange.

The S&P Retail Index <.RLX> has fallen 4 percent in the last week as job market numbers have raised fears shoppers might pull back again.


Macy's reported net income of $181 million, or 43 cents a share, for the quarter that ended April 28, up 38 percent over the profit of $131 million, or 30 cents a share, a year earlier.

That was 3 cents better than what Wall Street analysts were forecasting, according to Thomson Reuters I/B/E/S.

But Macy's left its full-year earnings forecast intact at $3.25 to $3.30 a share, below analysts' expectations for $3.41 a share.

Macy's expects same-store sales to rise about 3.5 percent for the rest of this year.

The chain, which operates about 800 namesake stores as well as about 45 Bloomingdale's stores, said its gross margin edged down 0.3 points to 38.8 percent of sales.

Macy's is the first major department store chain to report results. Rivals Kohl's and Nordstrom Inc (>> Nordstrom, Inc.) report on Thursday, while Penney will report next week.

Last week, in one of the rare times it has disappointed Wall Street of late, Macy's said same-store sales rose 1.2 percent in April, missing analysts' average forecast of 1.9 percent.

As previously reported, Macy's same-store sales, or sales at stores open at least a year, were up 4.4 percent in the first quarter. Online sales rose 33.7 percent, accounting for 1.5 percentage points of the same-store sales gain.

Still that was far better than Kohl's 0.2 percent increase for the quarter.

Macy's is already giving its regions more leeway in ordering items that are appropriate for their markets, something it credits for its sales gains .

Now it is simplifying its order process for items geared at young adults so that buyers can order more quickly and speed up the time it takes for those goods to get to stores, helping it compete with fast-fashion chains.

(Reporting By Phil Wahba in New York; Editing by Gerald E. McCormick, Dave Zimmerman)

By Phil Wahba

Stocks mentioned in the article
ChangeLast1st jan.
J C PENNEY COMPANY INC -2.68% 2.91 Delayed Quote.-5.38%
KOHL'S CORPORATION -1.63% 61.98 Delayed Quote.17.54%
MACY'S -3.75% 27.21 Delayed Quote.8.02%
NORDSTROM -1.09% 46.36 Delayed Quote.-1.08%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on NORDSTROM
03/21NORDSTROM INC : Regulation FD Disclosure, Financial Statements and Exhibits (for..
03/20NORDSTROM : Nordstorm ends talks with founding family on take-private offer
03/20NORDSTROM : ends buyout talks with members of founder's family
03/20NORDSTROM : Special Committee of Nordstrom Board Terminates Discussions with Nor..
03/19NORDSTROM : Management's Discussion and Analysis of Financial Condition and Resu..
03/19NORDSTROM : Rack to open first Canadian store in Vaughan, Ont., Toronto to follo..
03/13NORDSTROM : Rack To Relocate Sugar House Store
03/09REGEN : Nordstrom Announces Investments in Digital Technology; to continually ev..
03/08NORDSTROM INC : Change in Directors or Principal Officers, Financial Statements ..
03/08Is Restoration Hardware (RH) Set to Beat Earnings Estimates?
More news
News from SeekingAlpha
03/21Nordstrom -2.3%; Susquehanna notes tough retail buyout environment 
03/21Powell Enters The Spotlight, Salesforce Makes A Buy, Tesla Enters A Bear Mark.. 
03/21WALL STREET BREAKFAST : Jerome Powell In The Spotlight 
03/20Should Nordstrom Acquire Stitch Fix? 
03/20Nordstrom -4.8% as company breaks off go-private talks with family 
Financials ($)
Sales 2019 15 708 M
EBIT 2019 910 M
Net income 2019 586 M
Debt 2019 1 339 M
Yield 2019 3,35%
P/E ratio 2019 13,52
P/E ratio 2020 13,12
EV / Sales 2019 0,58x
EV / Sales 2020 0,56x
Capitalization 7 779 M
Duration : Period :
Nordstrom Technical Analysis Chart | JWN | US6556641008 | 4-Traders
Technical analysis trends NORDSTROM
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 22
Average target price 51,2 $
Spread / Average Target 10%
EPS Revisions
Erik B. Nordstrom Co-President & Director
Blake W. Nordstrom Co-President & Director
Peter E. Nordstrom Co-President & Director
Philip Glen Satre Chairman
Anne L. Bramman Chief Financial Officer
Sector and Competitors
1st jan.Capitalization (M$)
NORDSTROM-1.08%7 779
S.A.C.I. FALABELLA--.--%23 217
MACY'S13.85%8 735