NEW YORK -- Dayton Hudson Corp., J.C. Penney Co. and Kohl's Corp. reported impressive first-quarter results Tuesday, topping Wall Street estimates in each case.
Penney's, based in Plano, Tex., reported that its earnings increased 29.8 percent, to $223 million, or 84 cents a share, up from comparable earnings of $172 million, or 65 cents, in the year-earlier period. Wall Street expected 77 cents to 81 cents a share.
Net earnings in the year-ago quarter came to $206 million, or 78 cents a share, after a gain of $51 million from an accounting change and a charge of $17 million for debt retirement.
Total sales increased 9.7 percent, to $4.35 billion from $3.96 billion.
Department store sales increased 7.6 percent, to $3.1 billion, with same-store sales ahead 7.2 percent. Catalog sales climbed 19.5 percent, to $829 million.
Top sellers were athletic apparel, casual apparel, jewelry, women's shoes, young men's, girl's and outerwear.
"They did a good job on controlling costs and sales came in a little higher than expected," said Edward F. Johnson, at Johnson Redbook Service.
DH, based in Minneapolis, reported earnings rose 31 percent, to $39 million, or 48 cents a share, from $30 million, or 35 cents. On average, Wall Street estimated 43 cents a share. Sales climbed 11 percent, to $4.5 billion from $4.04 billion, with same-store sales up 5 percent.
Lower prices helped reduce markdowns at the Target, Mervyn's and department store divisions.
Strong sellers at the department store division included shorts, knits, velvet dresses, white and neutral-colored apparel, and linen fabrications in women's apparel. Sales rose 6 percent, to $686 million with same-store sales up 6 percent.
Target's sales increased 15 percent, to $2.8 billion, and same-store sales rose 7 percent.
Mervyn's had flat operating profits while sales increased 2 percent, to $960 million, and same-store sales dipped 1 percent. The company noted that customers are responding to lower prices and an increased fashion mix.
Kohl's, based in Milwaukee, reported earnings surged 51 percent, propelled by hefty same-store sales gains.Kohl's profits rose to $11.3 million, or 31 cents, from $7.5 million, or 20 cents, a year ago. Wall Street's average estimate was for the retailer was 27 cents a share. Sales jumped 23 percent, to $307.9 million from $250.2 million, with same-store sales leaping 12.3 percent.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)