May 4th, 2012

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Gap April Comps Down 2%

Friday, May 4th, 2012

Gap Inc. reported that net sales for the first quarter increased 6 percent to $3.49 billion from $3.30 billion last year. The company’s comparable sales, which include the associated comparable online sales, were up 4 percent compared with a 3 percent decrease in the first quarter last year.

April net sales were $1.15 billion, flat with last year. The company’s comparable sales for April, which include the associated comparable online sales, were down 2 percent compared with an 8 percent increase in the prior year.

“We delivered a solid first quarter as spring product continued to do well across all brands,” said Glenn Murphy, chairman and chief executive officer of Gap Inc.

The company expects earnings per share for the first quarter to be in the range of $0.44 to $0.46. As a result of sales performance, the company expects inventory dollars per store at the end of the first quarter to be below its previous guidance of about flat on a year-over-year basis.

Analysts polled by Thomson Reuters expect the company to report earnings of $0.40 per share. Analysts’ estimates typically exclude special items.

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Target April Comps. Climb

Friday, May 4th, 2012

Target Corp.  posted a 1.1 percent rise in April comparable-store sales versus last year, with net retail sales for the four-week period growing 2.1 percent to $4.98 billion from $4.87 billion a year earlier.

In addition, the company said its first-quarter 2012 comparable-store sales rose 5.3 percent compared with first quarter 2011.

Chief Executive stated, “We’re very pleased with Target’s strongest quarterly comparable-store sales performance in more than 6 years, which, as we’ve previously indicated, received an early-season boost from the combination of warm weather and an earlier Easter.”

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Macy’s April, Q1 Same-store Sales Rise

Friday, May 4th, 2012

Department store chain Macy’s Inc. on Thursday reported that its same-store sales for the month of April increased 1.2 percent and total sales edged up 0.4 percent to $1.928 billion from $1.920 billion last year.

Terry Lundgren, chairman, president and chief executive officer, said, “Our business at Macy’s and Bloomingdale’s continues to perform very well and sales in April met our expectations. Our customers continue to respond to fresh fashion merchandise.”

For March-April combined, same-store sales grew 4.4 percent.

The company noted that April sales were planned to be weaker than in March, given the calendar shift in which the pre-Easter period fell into March this year versus April last year. The change also reflects a significant cosmetics event shift from April last year to March this year, and also Mother’s Day is later in May this year.

For the first quarter, Macy’s same-store sales rose 4.4 percent and total sales also grew 4.4 percent to $6.15 billion from $5.89 billion last year. On average, analysts polled by Thomson Reuters expected the company to post sales of $6.13 billion.

Online sales were up 29.9 percent in April and 33.7 percent in the first quarter.

Macy’s is slated to report its first quarter earnings on Wednesday, May 9.

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Nordstrom April Same-store Sales Rise 7.1%

Friday, May 4th, 2012

Nordstrom Inc. reported a 7.1 percent growth in April same-store sales compared with last year. Preliminary total retail sales of $802 million for April 2012 increased 10.5 percent from $726 million a year ago.

For the first quarter, same-store sales went up 8.5 percent compared with the prior year. Preliminary first quarter total retail sales of $2.53 billion increased 13.7 percent compared with $2.23 billion for the same period in fiscal 2011.

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Saks April Comps Up 2.0%

Friday, May 4th, 2012

Saks Inc. said owned sales totaled $259.5 million for the four weeks ended April 28, 2012, a 0.9% increase from $257.3 million last year. Comparable store sales increased 2.0% for the month.

For April, the strongest categories included women’s contemporary and WEAR NOW apparel; dresses; shoes; handbags; and men’s accessories, shoes, and contemporary apparel.

This April, the company excluded cosmetics and fragrances from its Friends & Family discount event; cosmetics and fragrances were offered at a ten percent discount during the April 2011 event. Management estimates that April 2012 comparable store sales would have increased by mid-single digits if cosmetics and fragrances had been included in the event.

For the first quarter, owned sales totaled $743.9 million, up from $713.7 million for the prior year quarter. Comparable store sales increased 4.8% for the quarter.

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Kohl’s April Comparable Store Sales Down 3.5%

Friday, May 4th, 2012

Kohl’s Corp. reported that for the four-week month ended April 28, 2012, total sales decreased 1.9 percent to $1.25 billion from $1.28 billion in the prior year.

Comparable store sales decreased 3.5 percent for April compared to an increase of 10.2% in the prior year.

For the quarter and year-to-date period, total sales increased 1.9 percent and comparable store sales increased 0.2 percent.

Kevin Mansell, Kohl’s chairman, president and chief executive officer, commented, “As expected, warm March weather and an early Easter, contributed to a decline in April’s sales. Home, Accessories and Men’s all reported positive comparable store sales. From a regional perspective, the Midwest, Northeast, South Central and West outperformed the Mid-Atlantic and Southeast regions.”

Further, the company said it remains comfortable with its first quarter earnings guidance of $0.60 cents per share.

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K-Swiss Q1 losses narrow

Friday, May 4th, 2012

K-Swiss yestrday (May 3) reported narrower net losses over its first quarter as rising international revenues offset falling domestic sales, but the footwear maker still performed worse than expected, sending its shares down 7 percent in Thursday morning trading.

The Westlake Village, Calif.-based firm posted a net loss of $6.7m or $0.19 per share for the first quarter ended 31 March, compared with a net loss of $9.8m, or $0.28 per share for the same period last year. Analysts were expecting to see a loss of 13 cents a share on revenue of $68.6 million. K-Swiss also posted an operating loss of $5.2m, compared to an $11.0m the year before.

Total worldwide revenues slumped 4.3% to $69.3m. Domestic revenues fell 33.5% to $20.8m in the first quarter, and international revenues increased 17.8% to $48.5m for the same period.

Worldwide future orders with start ship dates from April to September dropped 32% to $71.5m, mainly dragged down by domestic futures, which plunged 54 percent. International backlog slumped 14 percent.

Steven Nichols, chairman of the board and president said ”We have much work to do in reversing our overall backlog trend and the domestic business… Our focus initiatives for 2012 are addressing these trends with the launch of Clean Classics later in the year, along with the appropriate marketing support. I’m pleased with the continued improvement with Palladium as well as the new distributor agreement in Korea that should provide for a total of six new stores in relatively short order.”

For 2012, the company is forecasting full-year consolidated revenues of $225m to $240m.

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TJX Companies April Comps Rise 6%

Friday, May 4th, 2012

TJX Companies, Inc. said sales for the four-week period ended April 28, 2012, were $1.8 billion, up 7% over the $1.7 billion achieved during the four-week period ended April 30, 2011.

For the 13-week period ended April 28, 2012, sales reached $5.8 billion, an 11% increase over the $5.2 billion achieved in the same period last year.

Consolidated comparable store sales for the four-week period ended April 28, 2012 increased 6% over a 5% increase last year. For the 13-week, year-to-date period, consolidated comparable store sales increased 8%.

Carol Meyrowitz, chief executive officer, said, “We now expect first quarter earnings per share to be approximately $.54 and full year fiscal 2013 EPS to be in the range of $2.26-$2.36, both of which are above our recently raised guidance and up substantially over last year. We remain extremely well positioned to take advantage of buying opportunities in the marketplace and offer consumers ever-changing, compelling selections at excellent values.”

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Warnaco First-Quarter Income Slips

Friday, May 4th, 2012

The Warnaco Group reported results for the first quarter ended March 31, 2012. For the first quarter net revenues were $615.5 million, a decline of 7% compared to the prior year period. Income per diluted share from continuing operations was $0.78 compared to $0.98 in the prior year period. Income per diluted share from continuing operations on an adjusted, non-GAAP, basis was $0.90 compared to $1.10 in the prior year quarter.

Gross profit decreased 9% compared to the prior year quarter to $267.5 million, while SG&A expense was down 4%, compared to the prior year quarter, to $212.6 million. Growth in the company’s intimate apparel segment was more than offset by declines in the sportswear and swimwear segments. The company had expected a year-over-year decline in net revenues in the quarter due to planned reductions to value retailers and the impact of fluctuations in foreign currency exchange rates. However, more challenging market conditions in Europe, higher markdowns in U.S. sportswear and softer than expected comparable store sales in their owned retail stores, particularly in Korea, resulted in net revenues below the plan.

“First quarter adjusted earnings were in line with our plan. However, revenue results were below our expectations. Our team very effectively managed expenses in a difficult environment to deliver the earnings results we are reporting today,” commented Helen McCluskey, Warnaco’s President and Chief Executive Officer.

Gross margin decreased 110 basis points to 43% of net revenues, due primarily to product cost inflation and increased customer allowances. Further, direct-to-consumer net revenues, representing 29% of total company revenues, were up 7% with new stores, including 39,000 feet added in the quarter, more than offsetting a 2% decline in comparable store sales. International net revenues represented 60% of total company net revenues and Latin America and Asia continued to post year-over-year growth. For fiscal 2012, based on recent foreign currency exchange rates, the company now anticipates net revenues will be flat to up 2% compared to fiscal 2011.

The Warnaco Group, headquartered in New York, is a global apparel company engaged in the business of designing, sourcing, marketing and selling men’s, women’s and children’s sportswear and accessories, swimwear and intimate apparel. The brands under owned licensed by them are Calvin Klein, Speedo, Chaps, Warner’s and Olga.

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JC Penney Appoints Ken Hannah As CFO

Friday, May 4th, 2012

J. C. Penney Company Inc. announced that it has appointed Ken Hannah as its chief financial officer effective May 7. The company noted that Hannah will be a member of its executive team and will report to Chief Operating Officer Mike Kramer.

The company said that Hannah brings over 20 years of finance, operations and audit experience from a wide range of leading companies that include General Electric, Boeing and The Home Depot.

Hannah, 43, has spent the last six years at MEMC Electronic Materials, where he served as president of solar energy. Before his current position, he was chief financial officer of MEMC. Previously, he served in positions of increasing responsibility at The Home Depot, including senior vice president of finance.

Prior to that, Hannah held the positions of vice president of corporate audit staff and vice president of financial planning and analysis at The Boeing Company. He also worked in a variety of finance positions with General Electric Company and at McDonnell Douglas Corporation.

CEO Ron Johnson said, “Ken brings a broad knowledge of finance, controls and operations to the CFO role. In addition, his experience with top companies known for financial and operational excellence will be instrumental in helping jcpenney as we transition to become America’s favorite store. We’re pleased to welcome Ken to the jcpenney team.”

Hannah said, “I’ve followed the outstanding changes that have taken place at jcpenney thus far, and I’m excited to now be part of this remarkable revolution in retail. I look forward to working collaboratively with the rest of the jcpenney team to provide financial leadership and deliver the Company’s financial results.”

Penney’s former cfo, Michael Dastugue, left the chain last month.

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