Nordstrom’s guidance undercuts Q3 numbers, stock slides
SEATTLE (AP) — Shares of Nordstrom Inc. slid in after-hours trading Thursday after the department store retailer issued weak guidance for the full year.
The Seattle-based company said it had third-quarter net income of $67 million, or 39 cents per share. Earnings, adjusted for non-recurring costs, came to 67 cents per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 64 cents per share.
Sears sales decline improved in latest quarter; shares soar
NEW YORK (AP) — Sears Holdings Corp., the struggling department store operator, said it key sales figure improved and its stock soared in after-hours trading Thursday.
The company, which owns both Sears and Kmart, said sales fell 3.9 percent at established stores in its second quarter. That's an improvement from the same period a year ago, when it fell 11.5 percent.
Nordstrom 2Q earnings jump 47 percent as sales grow
SEATTLE (AP) — Upscale department store chain Nordstrom Inc. reported a 47 percent jump in second-quarter earnings on solid sales growth, and it raised its profit outlook for the year.
The Seattle-based company said Thursday it earned $162 million, or 95 cents per share, in the quarter that ended Aug. 4. That's up from $110 million, or 65 cents per share, a year ago.
The results topped the 83 cents per share that analysts surveyed by Zacks Investment Research expected.
Penney posts bigger-than-expected loss, cuts outlook
NEW YORK (AP) — J.C. Penney reported a bigger-than-expected loss in its fiscal second quarter as a key sales metric fell well short of Wall Street's view. The department store operator also cut its full-year forecast again, and its shares plunged 24 percent.
Buy tires on Amazon, install them at Sears
NEW YORK (AP) — Shoppers will be able to buy any brand of tires on Amazon.com, have them shipped to a Sears Auto Center and then bring in their car to get them installed.
It's the latest deal between Sears and Amazon as the struggling department store operator seeks to boost sales. Last year, Amazon began selling Sears's Kenmore brand of ovens, washers and other appliances.
Sears posts profit due to tax benefit, shares rise
HOFFMAN ESTATES, Ill. (AP) — Sears Holdings said a key sales figure fell during the important holiday shopping season, but the struggling department store operator posted a profit for the quarter, mainly due to a tax benefit.
Shares of Sears Holdings Corp., which fell more than 70 percent in the last year, rose almost 9 percent in extended trading Wednesday.
The owner of Sears and Kmart has been closing stores, cutting costings and selling brands to save money and deal with falling sales.
Nordstrom rejects buyout deal from Nordstrom family
NEW YORK (AP) — Department store operator Nordstrom said Monday it had rejected a takeover offer from members of the Nordstrom family, calling the price "inadequate."
Aggressive cost-cutting helps Sears narrow loss; shares rise
NEW YORK (AP) — Sears said Thursday that revenue and a key sales figure plummeted in its most recent quarter as it closed stores, shut down pharmacies at some Kmart locations and lost shoppers to other retailers.
But the struggling department store operator did have one bright spot: Its third-quarter loss narrowed from a year ago as it aggressively cut costs. That sent its shares up more than 4 percent Thursday.
Nordstrom reports $114 million profit after loss a year ago
SEATTLE (AP) — Nordstrom Inc. reported a third-quarter profit of $114 million after reporting a loss a year ago, but the department store operator saw a key sales measure fall and trimmed its outlook for the year. Its shares fell more than 3 percent in extended trading.
CEO of Saks Fifth Avenue parent to step down
NEW YORK (AP) — The parent of Lord & Taylor and Saks Fifth Avenue says its CEO Jerry Storch is stepping down and will return to his advisory firm on Nov. 1.
Storch has been the CEO of Toronto-based Hudson's Bay, which also operates the department store chain under its namesake, since January 2015.
Hudson's Bay says it has retained an executive search firm to recruit a new CEO. Richard Baker, the company's executive chairman, will serve as interim CEO.
JC Penney to hire 40,000 for holidays, the same as last year
NEW YORK (AP) — J.C. Penney says it plans to hire more than 40,000 people during the holiday season, the same number as last year.
The Plano, Texas-based department store operator said Friday it is looking for cashiers, workers to restock its stores and beauty consultants to work at in-store Sephora makeup shops.
Kohl’s 2Q profit surges, topping forecasts
NEW YORK (AP) — Kohl's Corp. reported a surge in second-quarter profit, topping expectations, as it cut some costs and moved away from hefty charges for store closures.
The Menomonee Falls, Wisconsin-based company's profit jumped 49 percent to $208 million, or $1.24 per share. The department store operator reported a $128 million charge a year ago for store closures.
Revenue fell just under 1 percent to $4.14 billion.
The latest on developments in financial markets (All times local):
Banks led stocks slightly higher on Wall Street as lawmakers moved to undo stricter regulations placed on banks following the 2008 financial crisis.
The Nasdaq closed at another record high Thursday.
Utilities and consumer goods companies were among the biggest decliners.
Troubled department store operator Nordstrom soared after the company said members of the Nordstrom family are considering taking the company private.
Kohl’s profit soars, but key sales figure fell
MENOMONEE FALLS, Wis. (AP) — Kohl's saw its first-quarter profit nearly quadruple from a year ago as it cut costs. But a key sales figure fell, and its stock tumbled more than 6 percent Thursday.
Some Gordmans department stores bought by rival chain
OMAHA, Neb. (AP) — Another department store operator has won the chance to buy about half of Gordmans' more than 100 stores out of bankruptcy.
Stage Stores Inc. said Thursday that it was the winning bidder for Gordmans' assets, and it plans to buy and run at least 50 stores and one of Gordmans' distribution centers.
The rest of Omaha, Nebraska-based Gordmans' assets will be liquidated by Tiger Capital Group and Great American Group.
Gordmans plans nearly 600 layoffs in Nebraska, Indiana
OMAHA, Neb. (AP) — Gordmans has told state regulators that the department store operator plans to eliminate nearly 600 jobs in May as part of the company's bankruptcy when it closes both its distribution centers and its headquarters.
Department store chain Gordmans files for bankruptcy
OMAHA, Neb. (AP) — Department store operator Gordmans said Monday that it has filed for bankruptcy protection and plans to liquidate the inventory of its 106 discount stores.
The Omaha, Nebraska-based company, which filed for Chapter 11 bankruptcy protection, had been working to reduce its expenses over the past several months and laid off an undisclosed number of workers at its headquarters in January because of what it called the "sluggish retail environment."
Department store operator J.C. Penney Co Inc said on Friday it would close about 130-140 stores over the next few months, and reported a bigger-than-expected drop in same-store sales for the holiday quarter.
The company said it would also initiate a voluntary early retirement program for about 6,000 eligible employees and close two distribution facilities.
Shares of the company, which reported its first annual adjusted profit in five years, rose 3 percent in premarket trading.
J.C. Penney beats 4Q profit forecasts
PLANO, Texas (AP) — J.C. Penney Co. on Friday reported fiscal fourth-quarter net income of $192 million, after reporting a loss in the same period a year earlier.
The Plano, Texas-based company said it had profit of 61 cents per share. Earnings, adjusted for one-time gains and costs, came to 64 cents per share.
The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.
Disappointing holiday season sales at Macy's Inc and Kohl's Corp underscored the uphill task department stores face in winning back shoppers, who are increasingly turning to online retailers and spending less on apparel.
Macy's shares were down 9.6 percent in premarket trading on Thursday and Kohl's 15.2 percent after both reported lower-than-expected sales for November and December and cut their full-year profit forecasts.
Kohl’s 2Q profit tops expectations as it lowers expenses
MENOMONEE FALLS, Wis. (AP) — Kohl's fiscal second-quarter profit beat analysts' estimates, as the department store operator trimmed expenses and managed its inventory well.
Its shares soared more than 13 percent in morning trading Thursday.
Department store operators have been dealing with more competition from online retailers as consumers increasingly enjoy the ease and speed at which they can shop from electronic devices.