Headlines

Bad News Retailers

OfficeMax warns earnings may fall short; Gap struggling too – again

Published

24 years ago

October 5, 2000

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OfficeMax sent a warning yesterday that it expects performance to fall short of analysts'profit estimates for the third and fourth fiscal quarters. The Shaker Heights, Ohio-based office products retailer foresees a loss of approximately 10 cents a share in the third-quarter.

Another retailer swallowing bad-news medicine – again – is The Gap. For the five weeks ended September 30, the San Francisco-based retail organization reported an 8 percent drop in comp-store sales, with Old Navy dropping about 15 percent. The company warned that clearance markdowns in October could hinder profit expectations for the third fiscal quarter, as well.

On a more positive note, The Limited Inc. (Columbus, Ohio) reported a 10 percent comparable store sales increase for the month of September 30. And JCPenney (Plano, Texas) announced a sales decrease for the five weeks – but a slight one – of 0.9 percent. Department store sales decreased 4.8 percent, catalog sales decreased 2.9 percent and drugstore sales increased 3.8 percent.

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