February 24, 2010 |
Three of the nation's largest retailers saw earnings rise significantly in the fourth quarter and said Tuesday that they expected continued improvement this year even against a slow industry recovery. For the quarter ended Jan. 30, department store giant Macy's Inc. swung to a $466-million profit after losing billions of dollars in the year-earlier period; discounter Target Corp. said net income increased 54%; and Sears Holdings Corp. posted its best quarterly earnings in three years.
February 19, 2010 |
Retail giant Wal-Mart Stores Inc. on Thursday reported a 22% increase in profit for the fourth quarter but said an important measure of sales fell and cautioned that it expected a challenging start to the year for its U.S. business. For the quarter ended Jan. 31, the world's largest retailer said profit was $4.63 billion, up from $3.79 billion in the year-earlier quarter. Total sales for the quarter rose 4.6% to $112.83 billion. But sales at U.S. stores open at least a year -- known as same-store sales and considered an important measure of a retailer's health because it excludes the effect of store openings and closings -- missed expectations by declining 1.6%.
November 18, 2009 |
Pacific Sunwear of California Inc. suffered a major wipeout Tuesday, a day after posting a loss and releasing a sales forecast that missed expectations. The Anaheim teen retailer, which sells surf- and skate-inspired apparel and accessories, saw its shares plummet $1.13, or 22.6%, to $3.88. The chain reported after the markets closed Monday that it lost $10.9 million, or 17 cents a share, in its third quarter ended Oct. 31. That compared with a loss of $3.5 million, or 5 cents, in the same quarter last year.
August 21, 2009 |
A challenging second quarter hammered earnings at two California-based teen retailers, while apparel giant Gap Inc. narrowly beat expectations with profit that was little changed from last year. On Thursday, Pacific Sunwear of California Inc. reported a quarterly loss of $14.2 million; Wet Seal Inc. said its profit fell 69.3% compared with a year earlier; and Gap reported profit of $228 million, or 33 cents a share, compared with $229 million, or 32 cents, a year earlier. The results for the companies' fiscal second quarter ended Aug. 1 highlight the troubles still plaguing many retailers, especially those that sell apparel and accessories, which are easier to forgo during the recession.
May 22, 2009 |
Teen retailer Pacific Sunwear of California Inc. posted a smaller first-quarter loss that topped Wall Street expectations, despite a drop in same-store sales. Pacific Sunwear reported a loss of $8.7 million, or 13 cents a share, compared with a loss of $37.1 million, or 17 cents, a year earlier. Sales declined 16% to $223.5 million as sales at stores open at least one year slid 18%. But results still beat expectations of analysts polled by Thomson Reuters, who had forecast a loss of 29 cents a share and sales of $214.
May 20, 2009 |
Home Depot Inc. posted a 44% increase in its first-quarter profit Tuesday but didn't live up to the market's high expectations a day after rival Lowe's Cos. Inc. boosted its full-year outlook. The volatile housing market continued to drag down revenue and hurt business in states with the highest foreclosure rates, Home Depot said -- taking a decidedly less optimistic view than its chief competitor, whose own results Monday helped lead a market rally. "Getting to 'less bad' is not the same as getting to recovery," Chairman and Chief Executive Frank Blake said.
May 9, 2009 |
Sales of new espresso-based coffee drinks and chicken Snack Wraps helped boost McDonald's Corp.'s global sales by 6.9% in April. Same-store sales, or sales in stores open at least 13 months at the chain, rose 6.1% in the U.S. The increase comes even as the recession keeps consumers from spending on meals out. McDonald's has benefited from consumers' desire to save cash because its meals are typically less expensive than those at sit-down chains....
April 25, 2009 |
Some Americans' answer to the recession blues: Eat more cheesecake -- or at least don't eat a lot less. Shares of Cheesecake Factory Inc. rocketed 19% on Friday after the Calabasas Hills-based restaurant chain late Thursday reported better-than-expected first-quarter sales and earnings. Same-store sales were down 3.4% compared with a year earlier, but that was far better than the 6% decline that analysts, on average, had expected.
February 21, 2009 |
J.C. Penney Co. reported a 51% drop in fiscal fourth-quarter profit as customers sharply cut spending on clothing and other items. The results beat Wall Street expectations, but the chain projected a wider first-quarter loss than analysts had predicted. The retailer earned $211 million, or 95 cents a share, for the three months ended Jan. 31. That compares with $430 million, or $1.93, a year earlier. Sales declined almost 10% to $5.76 billion. Same-store sales, or sales at stores open at least a year, fell 10.8%.