Posted on 11/12/2015 2:10:52 PM PST by detective
Macy's is blaming "warm weather" and "low spending from tourists" for a massive drop in sales and excessive on hand inventory, which has now caused them to cut their full year sales forecast.
(Excerpt) Read more at theconservativetreehouse.com ...
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“If there were any questions if the US consumer was merely “strong” or “quite strong”, after the abysmal results from Macy’s first, and moments ago, Nordstrom, they should all be safely swept away now.
Any time a company starts its press release with a blatant mea culpa... run. Like in the case of Nordstrom: “The Company’s third quarter performance was below Company expectations, reflecting softer sales trends that were generally consistent across channels and merchandise categories.”
What happened was ugly: the company reported revenue of $3.24 billion, a miss to the $3.38 billion expected, and EPS of $0.42, nearly 50% below the expected $72. Q3 EBIT likewise crashed from $262 million to $151 Y/Y, as comp store sales of 0.9% were massively below the 3.6% expected.
Their larger problem is in building massive fulfillment centers, a la Amazon, across the country yet also having brick and mortar stores, too. There’s one recently opened on the north side of Tulsa that was stupendous to look at as it was under construction. It was claimed plans to employ large numbers of people, especially extra staff during holidays. I don’t think they are anywhere near their planned employment or $$$$ of shipments. I expect the space to be an empty monument to stupidity sometime in the next five years. Amazon already has one of those just across the Kansas line in Coffeyville, recently closed. Kind of a bummer, used to regularly get next day delivery in the Tulsa area without paying extra.
You must shop infrequently since it went into liquidation in 1987. :-P
wow. that’s really too bad to hear about Macy’s
Macy’s has a glorious past but often companies don’t adjust to the present or plan for the future very well.
As a former Macy’s credit card holder, I haven’t had any reason to set foot inside a Macy’s in over 40 years.
Prices way too high...
even the Walmarts...
Americans don't have the money to spend...
and, the demographics have changed for those that might be able to spend a little....
we're older, don't need the constant purchase of shoes, and diapers, and school clothes, etc for youngsters anymore...
infact I bet most people are like my hubby and I....we don't need that many new things period...our closets are stuffed with clothes, okay so they're not "great" clothes but the point is....WE HAVE ENOUGH....
simple living will be the mantra in the future...it'll have to be...
the age of consumerism is over...
Oops...
There you go...
Thanks.
PC cost Macy’s a veritable fortune, and I’m happy about it.
For the Christmas season of 2009, they told her she was no longer wanted. They were going after a younger crowd and wanted younger, hipper employees even for seasonal help. Our household went from doing the majority of our Christmas shopping there to zero.
I still walk through the store when we go to the mall because it has the closest parking. The reason it has the closest parking is because the younger, hipper more PC crowd they were targeting is shopping on-line or going to other younger, hipper more PC stores in the middle of the mall.
The Macy’s near me is so dirty and unorganized I never shop there anymore.
Macy's is blaming "warm weather" and "low spending from tourists" for a massive drop in sales and excessive on hand inventory,
From Macy's to the Federal government, it's either too hot, or too cold, why economic forecast were not realized. Call it global warming, climate change or whatever.
To the authorities who are reading this, I do believe that U3 is 5%, and we have a GDP of 3.0% annualized.
We are so screwed.
5.56mm
I stopped shopping at Macy’s after the Trump fiasco but I admit, I found some beautiful Thanksgiving plates on their website that I wanted. I ordered them, they didn’t arrive, so I went to check the tracking. They were backordered until Christmas. I cancelled the order.
LOL...looks like the Mexicans aren’t making a contribution to Macy’s bottom line. They shoplift at Dillard’s and sell the stolen items at flea markets and yard sales...much of it with Dillard’s tags still on it. That’s how it works in Texas anyway.
They’re sure kicking the teeth out of Nordstrom’s after hours...for $13+.
[Americans don’t have the money to spend...]
As I’ve been saying, even many of the strip malls are going to look like the big mall ghost towns you’ve already seen happening.
There is no way they’re taking in enough money for rent/payments, utilities, employees, taxes, etc.
I won’t shop at Macy’s since they attacked Trump.
How’s that working out for ya, Macy’s?
Brilliant!!!
Okay, I can now predict you are going on a hunger strike and I’ll have to resign my posting duties within 72 hours.
= :^)
Guess the folks they were defending don’t shop Macy’s.
Trump isn’t even my guy and I cancelled my card (and I told them why).
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