A so-so season for big retailers?
Nordstrom signals a soft holiday season ahead as frugal shoppers move online.
Sales at chains such as Nordstrom (JWN) have been soft as frugal shoppers increasingly avoid mall-based retailers in favor of shopping online.
The timing of Nordstrom’s annual Anniversary Sale, which was held earlier in the year, also hurt the chain’s profit in the latest quarter. Net income fell 6.2% to $137 (one hundred thirty seven) million dollars, or 69 cents per share, on revenue that rose 2.8% to $2.88 (two point eight eight) billion dollars. At least the results beat analysts’ forecasts for profit of 66 cents on $2.87 (two point eight seven) billion dollars in revenue.
However, Nordstrom offered a muted outlook.
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It expects full-year profit of $3.65-$3.70 (three dollars and sixty five cents to three dollars and seventy cents) per share, a 5 cent increase on the lower end. It sees same-store sales rising 2.5% (two and a half percent), versus its earlier forecast of 2% to 3% growth.
For retailers overall, the holidays are looking like a mixed bag. Wal-Mart (WMT), which has suffered three straight quarterly declines in same-store sales, recently warned Wall Street that its season wouldn’t be festive.
Other retailers such as L Brands (LTD), parent of Victoria’s Secret, and Gap (GPS) are doing better. October sales at L Brands surpassed the Street’s views, and Gap recently forecast better-than-expected quarterly results.
Given that uneven performance, retailers this season, quote, “would be lucky to match last year’s growth,” said Scott Hoyt of Moody’s Economy.com in a recent interview.
I'm sick of the "screw Thanksgiving" attitude by retailers and everyone who participates in this consumer culture.
I keep hearing about this "WAR" on Christmas? What the heck are they talking about? I started seeing Christmas lights and gifts and advertising before Labor day for gods sake! Perhaps they want it rolled out the day after the 4th of July? Maybe memorial day? Hell lets just have it all year long! I even hear about Christmas in July. Give it a rest, Christmas has been reduced to a day when people buy things they can't afford and people don't want! Sara Palin said the other day that she loves how commercial Christmas has become, because it helps spread the "joy". She really said that!! It was on the today show, while promoting her war on christmas book! If you don't believe me then google it. The interview was with matt Lauer
I will personally BOYCOTT all retailers that are open on thanksgiving this year! GREEDY BASTARDS!
Nobody gives a crap about the holidays, the stupid sales, the tight fisted companies whose employees can't afford to buy the very crap they make. The moment companies started putting stock holders ahead of community and stores started staying open on Sundays, the whole American dream thing was doomed.
Ever since I was a small child Christmas shopping was an "event". it was something we looked forward to as a family seeing the festive decorations, the christmas music, etc. Now there is nothing "Festive" about it. The stores start playing Christmas music a day or two after Halloween, all the stores have up their Christmas decorations in early Nov., WTF???? Sorry but I personally can not get in the Christmas spirit three weeks before Thanksgiving. The retailers have brought this onto themselves...and yes, I now do more than half my Christmas shoping online. Do retailers really think we want them open on Thanksgiving and Black Friday sales starting at 4:00am??? No thank you, nothing fun about that...but the retailers have brainwashed some thinking that is the only way they will get a deal. half the stuff they advertise at those low prices get sold out in three seconds anyhow. No thanks, I will poke around online and find the same price for the same item from an online non-brick and mortar retailer and not have to do it on Thanksgiving or 4:00am on Black Friday.
That's what I see.
The American public needs to wake up before it is too late. For years we have watched the corporations and their stock holders find ingenious ways to reduce the income of the employee while raising the prices of the items those same same employees need to purchase to keep the corporation in business.
In recent years this has changed a bit though. It is my humble opinion that big corporations have made the decision that they will bleed this country dry, then move on to the next. They see the US as a dying market and are planning their exit.
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[BRIEFING.COM] The major averages continue holding modest losses with the S&P 500 down 0.2%. Even with the early retreat, the benchmark index is still higher by 1.7% this week and up 3.0% for the month.
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