Macy’s Inc on Tuesday reported higher-than-expected same-store sales growth for the fourth quarter and forecast a possible return to annual comparable sales growth in 2018, sending shares higher in pre-market trading.
Target raised its quarterly profit and sales forecasts on Tuesday on the back of surging online sales and customer visits in November and December, putting the U.S. retailer on track for the best quarter in five years.
A jump in consumer spending in the final stretch of December should build on a strong start to the U.S. holiday season and help the embattled retail industry beat sales forecasts, industry research groups said.
Shares of retailers such as Macy’s Inc and Wal-Mart were up on Monday following a promising start to the holiday season and ahead of what is expected to be the largest U.S. online shopping day in history.
Shares of U.S. retailers rose on positive Black Friday shopping reports of online and brick-and-mortar stores such as Amazon.com and Macy’s, signaling consumers are spending more than the last two holiday seasons.
Shoppers splurged more than $1.52 billion online by Thanksgiving evening, up 16.8% over last year, and more bargain hunters turned up at stores this year as retailers opened their doors early on the eve of Black Friday.
Old Navy advisor Gill Hong joins Lands' End as EVP, Chief Merchandising Officer and Head of International, while retail and omni-channel veteran Sarah Rasmusen rejoins the company as SVP of E-Commerce.
Shares rose thanks to third-quarter sales exceeding analyst expectations, but the company slashed its full-year sales and profit forecast due to heavy apparel discounting amid an overhaul of its women’s section.
Department store operator Kohl’s Corp reported a lower-than-expected quarterly profit, hit by higher costs and store closures due to hurricanes, sending its shares down 7 percent and dragging the sector down.