Nov 8 (Reuters) – Nordstrom Inc on Thursday said it
expected an even bigger impact on this year’s gross margin from
its efforts to win more customers through its loyalty program
and anticipates spending more on its growing e-commerce
The high-end retailer, which also operates the Nordstrom
Rack chain of lower-priced outlet stores, now expects its gross
profit margins to fall by at least 0.4 percentage point,
compared to a previous floor of 0.35 points, as it spends money
on its Fashion Rewards program, an essential tool for winning
over shoppers and gathering data on their spending habits.
Nov 8 (Reuters) – Kohl’s Corp said on Thursday it
expects sales to rise this holiday quarter, but gave a profit
forecast that missed Wall Street’s expectations because of what
it anticipates will be a highly competitive Christmas period.
The retailer, which operates 1,146 stores, reported a
stronger-than-expected third-quarter profit, as business perked
up later in the period.
By Phil Wahba
(Reuters) – Kohl’s Corp (KSS.N: Quote, Profile, Research, Stock Buzz) on Thursday forecast that sales will rise during the holiday quarter and reported stronger-than-expected third-quarter profit, as business perked up later in the period for the department store chain.
The U.S. retailer, which competes most directly with Macy’s Inc (M.N: Quote, Profile, Research, Stock Buzz) and J.C. Penney Co Inc (JCP.N: Quote, Profile, Research, Stock Buzz) for middle-class shoppers, expects sales at stores open at least year, or same-store sales, will be up 3 percent to 4 percent in the quarter that includes the Christmas shopping period.
(Reuters) – Superstorm Sandy may consign as many as a quarter of a million new and used cars and trucks to the scrap heap, a loss that could eventually lead to a spike in new auto sales, automakers and dealers said.
So far, automakers have reported that some 16,000 brand new vehicles will have to be scrapped due to the killer storm that flooded coastal areas in New Jersey and New York. Many of them were stored at the port of Newark when Sandy hit.
By Phil Wahba
(Reuters) – Macy’s Inc (M.N: Quote, Profile, Research, Stock Buzz) on Wednesday forecast profit for the key fourth quarter that missed Wall Street projections as the department store operator said Superstorm Sandy was pinching many of its shoppers.
That forecast for the quarter, which includes the Christmas shopping season, came as the company reported a much higher quarterly profit than expected, helped by big e-commerce sales gains.
Nov 6 (Reuters) – Neiman Marcus Group introduced
international shipping and payment options to its e-commerce
site on Tuesday, allowing the luxury retailer to reach online
shoppers in more than 100 countries.
Neiman Marcus, which operates a namesake chain and Bergdorf
Goodman, only has stores in the United States. Previously,
Canada was the only international market to which the
NeimanMarcus.com site would ship online orders.
NEW YORK, Nov 1 (Reuters) – A symbol of resilience, or
tactless and ill-timed? New York Mayor Michael Bloomberg’s
decision to proceed with the world’s largest marathon on Sunday
is stirring up controversy in the storm-ravaged metropolis.
As emergency workers wade through flooded homes to look for
survivors and millions of people remain without power in the
U.S. Northeast, the death toll from superstorm Sandy has swelled
By Phil Wahba
(Reuters) – Estée Lauder Cos Inc (EL.N: Quote, Profile, Research, Stock Buzz) scaled back the top end of its full-year forecast for sales Thursday amid uncertainty in some key markets, and said it expects poor demand in Europe to persist.
The company, known for its namesake brand as well as lines such as La Mer and MAC, now expects sales growth this year of 6 percent to 7 percent on a constant currency basis, compared with an earlier forecast range of 6 percent to 8 percent.
By Phil Wahba
(Reuters) – Avon Products Inc (AVP.N: Quote, Profile, Research, Stock Buzz) slashed its dividend by nearly 74 percent on Thursday and announced measures to cut hundreds of millions of dollars in costs in the next few years as its new chief executive officer continues to work on a turnaround.
The world’s largest direct seller of cosmetics also said it was targeting sales growth in each of the next three years, excluding the impact of currency fluctuations.
NEW YORK/CHICAGO (Reuters) – Hurricane Sandy may have devastated the East Coast on Monday, but the water-logged wheels of commerce keep turning, storm damage or not.
As cities from New York down to Washington began to dig out from the historic destruction brought by Sandy, companies scrambled on Tuesday to assess their facilities with an eye toward reopening as soon as possible.