Arab Today, arab today us retailers reporting weak holiday season results
Last Updated : GMT 00:33:31
Arab Today, arab today
Arab Today, arab today

US retailers reporting weak holiday season results

Arab Today, arab today

Arab Today, arab today US retailers reporting weak holiday season results

New York - AFP

Victoria's Secret parent L Brands and home decor chain Pier 1 Imports joined other retailers in slashing profit forecasts Thursday following disappointing holiday sales. The two cited heavy discounting, higher marketing costs and poor weather over the late-November to December gift-buying season in the United States, following similar poor reports from Bed, Bath & Beyond and Family Dollar. Shares of both companies moved sharply lower. While there have been a few winners, analysts said the generally poor early post-holiday commentary so far suggests the 2013 holiday shopping season was even weaker than expected. "We were cautious heading into the holiday season," said R.J. Hottovy, senior retail analyst at Morningstar. But the surprisingly bad results from Bed, Bath & Beyond and others suggests "the pressures were a lot more widespread than we initially thought," Hottovy said. A bright spot was the rise of online retail, Hottovy added. L Brands, which also owns the Bath & Body Works chain, said comparable store sales increased ju 2 percent during a five-week holiday period ending January 4. It cited "incremental promotional activity" that depressed profit margins. Pier 1 said comparable stores sales for December sank 5.7 percent, due mainly to bad weather that depressed store traffic. "Our holiday assortments were excellent and our execution both in-store and online was first class – making it all the more upsetting to have our results impacted by forces beyond our control," said chief executive Alex Smith. Shares of Pier 1 sank 12.4 percent, while L Brands fell 4.1 percent. Bed Bath & Beyond, a home furnishing and appliance store, plummeted 12.5 percent after announcing that earnings for the fiscal third quarter, which ended November 30, missed expectations and the fourth-quarter profit outlook had declined. Another disappointment came from Family Dollar Stores, which declined 2.1 percent after earnings underperformed in its fiscal first quarter, ended November 30. The company also sharply cut its full-year forecast. "Many of the top-line challenges we faced in the first quarter, including a challenged consumer and an intensified promotional environment, have continued to impact our business," said chief executive Howard Levine. Hottovy said the results suggest many consumers are still struggling with higher payroll taxes, a tough employment market and concerns about higher health care costs. "It's still kind of a sluggish recovery if you look where the average US consumer is," Hottovy said. There have been a few bright spots in recent days, suggesting a few winners in the holiday shopping bonanza. Costco Wholesale jumped 3.9 percent after announcing that comparable store sales rose 3 percent for the five-week period ending January 5. Gap rose 1.9 in post-market trade Thursday after it reported a 1 percent rise in comparable store sales for the holiday shopping period. Macy's soared 7.6 percent higher after confirming its 2013 earnings forecast and giving a bullish outlook for 2014 following a "successful" holiday shopping season. But not all of the Macy's news was good: the company also announced plans to cut 2,500 jobs in a reorganization.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us retailers reporting weak holiday season results Arab Today, arab today us retailers reporting weak holiday season results

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us retailers reporting weak holiday season results Arab Today, arab today us retailers reporting weak holiday season results

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Sheraton Grand Hotel reveals its deals

GMT 12:20 2017 Monday ,25 September

Sheraton Grand Hotel reveals its deals
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iraq Kurds in historic independence vote

GMT 15:20 2017 Monday ,25 September

Iraq Kurds in historic independence vote
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:02 2017 Sunday ,24 September

Harry visits mental health hospital

GMT 11:11 2017 Sunday ,24 September

The dark side of new tourism hope

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday