On the other hand, inventory in activewear, which is enjoying strong sales, is in “great shape,” she said. The company had aimed to have levels below 2019 but they’re still down lower than planned. They are also younger and more diverse.ĭuring the earnings call with analysts, Kohl’s CEO Michelle Gass said that overall inventory is down 25% compared to 2019 women’s inventory is down even more. The launch of Sephora shops at Kohl’s is getting a good response so far, with 25% of those customers new to the retailer.
Analysts were expecting $6.14 per share, according to FactSet. The company raised its full-year earnings-per-share guidance to between $7.10 and $7.30, up from its previous forecast of $5.80 per share to $6.10 per share. Sales rose 15.5% to $4.36 billion, and sales at stores opened at least a year rose 14.7%. That compares with a loss of $12 million, or 8 cents per share, last year. Kohl’s, based in Menomonee Falls, Wisconsin, said it earned $243 million, or $1.65 per share, for the three-month period ended Oct. Adjusted earnings per share are now forecast in the range of $4.57 to $4.76, up from $3.41 to $3.75.Īnalysts expected $3.92 per share on sales of $23.78 billion, according to FactSet. It now expects sales of $24.12 billion to $24.28 billion, up from a range of $23.55 billion to $23.9 billion. Macy’s is narrowing and raising its full-year 2021 guidance. Macy’s said that it will launch a third-party marketplace that will expand its assortment of product categories and brands. economy emerges from a downturn caused by the pandemic. Macy’s was able to increase inventory 19.4% compared with last year’s third quarter, navigating shortages and slowed supplies as the U.S. The New York-based company added 4.4 million new customers into the Macy’s brand, a 28% increase over 2019. Categories like dresses, men’s tailored clothing and luggage continue to recover. The company booked strong sales of home goods, fragrances, jewelry, watches and sleepwear. Online sales increased 19% compared from the year-ago period, and rose 49% compared with the same quarter in 2019. Sales at stores opened at least a year rose 35.6%, including licensed businesses like cosmetics. Sales reached $5.44 billion for the quarter, also topping analyst expectations. The company lost $91 million last year during the same period. Adjusted earnings were $1.23 per share, easily topping Wall Street per-share projections of 31 cents, according to a survey by FactSet. Macy’s earned $239 million, or 76 cents per share, for the three-month period ended Oct. The move comes as it is under pressure from activist shareholder Jana Partners to split off the division to create better valuation. Macy’s CEO Jeff Gennette also told investors on its earnings call that it has hired consulting firm AlixPartners to evaluate whether the retailer should spin off its e-commerce division from its stores, similar to what Saks Fifth Avenue did earlier this year. Earlier this month, the department store said that it would a pay minimum of $15 per hour for new and current workers by May. Retailers like Macy’s are also paying higher wages and expanding benefits for its workers amid a tight labor market.