Hurricanes bite into Kohl's Q3 profit, but same-store sales rise

Hurricanes bite into Kohl's Q3 profit, but same-store sales rise

Hurricanes bite into Kohl's Q3 profit, but same-store sales rise

Macy's shares rose almost 10 percent, or $1.68, to $19.25 in afternoon trading Thursday. The program is created to enhance the store's relationship with its best customers, who account for 10 percent of its shopper base but make up half of total sales.

"Overall, we're pleased with the results for the third quarter and we remain on track to meet our full-year sales and earnings guidance for 2017". The company reported that revenue at stores opened at least a year was down 4 per cent for the third quarter, worse than the 2.9 per cent drop that analysts expected.

Nordstrom reported quarterly earnings and revenue that beat analysts' expectations on Thursday, but same-store sales disappointed.

In a Nutshell: Kohl's saw net income decline in the third quarter, as total sales were basically flat. Total same-store sales fell 3.6%. "The loyalty program, special in-store experiences and a strong mobile and online presence will help drive holiday sales", said Jeff Gennette, Macy's chief executive. The company touted a small comparable store sales increase, saying the traffic momentum it experienced in the first half of the year continued in the period.

Like many retailers, Macy's and Kohl's have wrestled with weak sales as customers go online.

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Macy's reaffirmed its full-year same-store sales guidance calling for a decline of 2% to 3% on an owned plus licensed basis with same-store sales at owned stores down 2.2% to 3.3%. Simply put, Macy's shares rising on a mostly disappointing third quarter emphasize just how far its stock has fallen over the past year.

Nordstrom - which has been a Wall Street favorite throughout much of retail's rough patch, largely bucking negative trends - said its results were affected by hurricanes Irma, Harvey and Maria that hit Puerto Rico, Florida and Texas during the period.

Consensus estimates call for fourth-quarter EPS of $2.48 on revenues of $8.51 billion. Gross margin for the sector was up 140 basis points.

"At the same time, we're innovating with new smaller store concepts, rightsizing some of our stores with other retailers and piloting concepts like our initiative with Amazon", Mansell said.

CEO's Take: "We have made good progress in remedying the immediate and burning issues at M&S I outlined a year ago". You can expect more from us on Backstage.

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