Nordstrom's 1Q Profits and Sales Up NEW YORK — Better control of expenses and improved inventory management along with high gross margin pushed Nordstrom Inc.’s profits up 25.6 percent on an 8 percent sales gain for the first quarter.
Net income for the quarter ended April 29 jumped to $131.2 million, or 48 cents a diluted share, from $104.5 million, or 38 cents, in the prior year on sales the climbed to $1.79 billion from $1.65 billion. Same-store sales showed a 5.4 percent gain for the quarter. The gross margin rate rose to 37.2 in the quarter, which compares to 36.8 percent last year.
“We are pleased to report the results of the first quarter which show steady progress toward our goal of both increasing same-store sales and improving operating efficiency,” said Blake Nordstrom, principal executive officer and president of the Seattle-based department store retailer, on a conference call to analysts. “By controlling expenses and leveraging above planned sales, our [selling, general and administrative] expense rate fell to 27.7 percent, which is the third consecutive year of reserve in the first quarter.”
Sears Sales Skyrocket NEW YORK — Sears Holdings Corp. posted a profit in the first quarter, reversing a year-ago loss, on sales that soared 58 percent due to the inclusion of sales from its Sears stores.
Earnings also were bolstered by the company’s efforts to reduce expenses at both Kmart and Sears Domestic.
On Thursday the company reported first-quarter net income of $180 million, or $1.14 a diluted share, which is against a loss of $9 million, or 7 cents, in the same period last year. The increased earnings beat the average analyst estimate of 64 cents a share for the quarter.
Revenues rose to $12 billion from $7.6 billion during the same quarter last year. The company attributed the increase to the inclusion of Sears stores for the entire quarterly period ended April 29. The prior year’s numbers did not include Sears results for the whole period because the retailer was acquired by Kmart Holding Corp. on March 24, 2005. New York & Co. Profits Weighed Down By Slow Sales NEW YORK — New York & Co. Inc.’s first-quarter profits were pulled down by weaker sales and gross margin, but the company anticipates that better balanced merchandising efforts will attract shoppers.
The specialty retailer, based here, said Thursday that net income dropped to $6.1 million, or 10 cents a diluted share, from $21.5 million, or 38 cents, in the same period last year on sales that?declined 1.1 percent to $267.1 million from $270 million. Results were 1 cent shy of Wall Street analysts’ estimates, according to Thomson Financial.The gross margin rate declined to 29.6 from 36.4 in the previous year. Operating income during the quarter fell to $10.6 million from $37.4 million last year.
Hampshire Group Gains Marisa Christina NEW YORK - Hampshire Group Ltd. said on Thursday that it inked an agreement to acquire Marisa Christina for $4.8 million.
Following the acquisition, which is expected to be completed before the end of May, Marisa Christina will be a wholly-owned subsidiary of the Hampshire Group. Shareholders will receive 65 cents per share, less a pro rata portion representing transaction costs.
“We are looking forward to the expansion of our women’s better market strategy through the acquisition of Marisa Christina,” said Ludwig Kuttner, Hampshire’s chairman and chief executive officer, in a statement.
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)
@badgalriri’s @fentybeauty launch in September was a massive success on social media, powering $72.9 million of earned media value, according to Tribe Dynamics. The brand’s foundation offering sparked conversations about diversity in beauty, launching the growth of emerging influencers and propelling the brand’s support on social media. Today, #fentybeauty won Launch of the Year at the WWD #BeautyIncAwards. (📷: Chema Moya/EPE-EFE)
@marianna_hewitt has become one of the most influential content creators in the beauty space, with almost 800,000 Instagram followers and a newly launched skin care line called @SummerFridays. Today, she was awarded Influencer of the Year at the WWD #BeautyIncAwards. (📸: @sophiachabbott )
As shopping behaviors evolve, the retail experience must follow. Head over to retail experts @colliersinternational’s Knowledge Leader series to read more about the shift in our shopping era. #colliersretail #lovecolliers
@prada opened a pop-up club, called Prada Double Club, in collaboration with German artist Cartsen Höller at @artbasel Miami. Last night, guests – including @youngparis, @ritaora and even Miuccia Prada herself – gathered in a former ice factory where the pop-up is housed for a performance from @wyclefjean. Go to WWD.com for full coverage on all the exhibits, parties and more at #ArtBaselMiami. #wwdeye (📷: @lexieblacklock)
@louboutinworld and @disney are making magic once again, creating a set of shoe designs for the release of “Star Wars: The Last Jedi.” Louboutin designed a pair of shoes for each of the film’s four female leads: Rey (@daisyridrey), Vice Admiral Amilyn Holdo (@lauradern), Captain Phasma (Gwendoline Christie) and Rose Tico (@kellymarietran). The shoes will debut on Saturday at the L.A. premiere of the latest episode. #wwdfashion
Today at the #BeautyIncAwards 2017, WWD will be joined by beauty leaders from around the world as we honor this year's most innovative people, products, brands and places. Follow along here and on Twitter for live coverage from the exclusive event. #wwdsummits (📷: @elizaflorendo)
Exclusive: Beauty superinfluencer @marianna_hewitt is launching her first-ever skin care brand with her business partner @laurengores. Their new line Summer Fridays, which will be sold exclusively at summerfridays.com starting in January, is launching with just one product – a hydrating cream Jet Lag Mask. “We wanted to focus on one product that was amazing,” said Hewitt. Read the full interview on WWD.com. Link in bio. #wwdbeauty #wwdnews
Michelin star-rated chef PJ Calapa marks his first solo endeavor with today’s opening of @scampinyc –– the new Southern Italian restaurant located in Manhattans’ Flatiron District. The upscale yet welcoming environment matches the menu, which includes two types of scampi: traditional Italian langoustines in butter and the Americanized version with shrimp over pasta 🍤 - pictured here. #wwdeye (📷: George Chinsee)