Federated Posts Share Increases NEW YORK — Federated Department Stores Inc. saidMonday it will earn 33 cents per share more than expected in the second quarter because of a favorable tax settlement.The retailer guided second-quarter earnings, including the adjustment solely for the tax settlement, to between 78 cents and 88 cents. It also estimated earnings per share for the year at $3.83 to $4.08.
Wal-Mart Propelled By Upward Sales NEW YORK — At Wal-Mart Stores Inc., income for the quarter ended April 30 gained 6.3 percent to $2.62 billion, or 63 cents a share, from $2.46 billion, or 58 cents, in the same year-ago period. Sales rose 12.3 percent, which included a same-store sales gain of 3.8 percent for its U.S operation. By division, sales at Wal-Mart stores rose 10.2 percent to $52.5 million, while comps gain 3.8 percent. Sam’s Club sales increased 6.8 percent to $9.8 million, with a 4.3 percent rise in comps. The international operation posted a 22.9 percent gain in sales to $17.3 million.
Saks' Northern Department Store Sale Aids Profits NEW YORK - Saks Inc. reported a first-quarter profit due to a one-time gain on the sale of its Northern Department Store Group. For the three months ended April 29, income was $81.5 million, or 60 cents a diluted share, compared with $16.2 million, or 11 cents, a year ago. Wall Street consensus estimates had the first-quarter earnings per share at 9 cents. Sales for the quarter, however, declined by 32.9 percent to $1.04 billion from $1.55 billion, while comps decreased by 1.9 percent.
American Eagle Profits Up NEW YORK - Specialty chain American Eagle Outfitters said first-quarter results for the three months ended April 29 reflected a 16.1 percent gain in profit to $64.2 million, or 42 cents, from $55.3 million, or 35 cents, in the same year-ago quarter. Sales rose 14.4 percent to $522.4 million from $456.5 million, while comps increased 9 percent on top of the 27 percent gain a year ago.
TJX Reports Income Increase NEW YORK - The TJX Cos. Inc., a specialty retailer of off-price stores, for the quarter ended April 29 posted a 20.8 percent increase in income to $163.8 million, or 34 cents a diluted share, from $135.6 million, or 28 cents, last year. Sales in the quarter rose 6.7 percent to $3.90 billion from $3.65 billion, while comps inched up 1 percent.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)