Macy’s Inc. (Cincinnati) has reported a 22 percent in net income for its third quarter ending Nov. 2, 2013, and a 3.5 percent same-store sales increase, far outpacing analysts’ expectations.
Macy’s cfo Karen Hoguet said traditional gift categories like fine jewelry, cashmere and housewares were already selling well. And she noted positive trends for cold weather items like coats, boots and sweaters.
“If we have anything close to a normal weather pattern this year, this could add significant volume,” she said.
On the other hand, Walmart Stores Inc. (Bentonville, Ark.) cut its annual profit forecast for the second time this year. Earlier, Walmart had reported a same-store sales decline of 0.3 percent for its third quarter ending Oct. 25, 2013 (that’s excluding fuel) and a net income rise of just 2.8 percent.
The world’s most successful retailer said the uneven economic recovery and increased competition from dollar stores was hurting sales.
Michael Duke, ceo of Walmart, said he’s trying to improve the company’s grocery offerings and keep prices low to fend off the deep-discount retailers as consumers restrain spending because of persisting unemployment and higher taxes.