Macy’s Sales To Overseas Tourists Pinched By Stronger Dollar – Yahoo News

Macy’s Same-Store Sales Take a Dive in 1Q15 – Yahoo Finance

Macy’s Inc. reports quarterly financial results on Wednesday, May 13, 2015. (AP Photo/Frank Franklin II) CINCINNATI (AP) — Macy’s is feeling a big chill from international tourists because their money isn’t going as far as it used to. The strong dollar has crimped spending by overseas visitors at Macy’s stores in big cities like New York, Las Vegas and Chicago. That contributed to a 13 percent decline in profit in the first quarter, the company said Wednesday. The company said bad winter weather and a slowdown at West Coast ports also hurt sales.
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Macy’s 1Q15 Earnings Lag Wall Street Analysts’ Estimates – Yahoo Finance

Macys 1Q15 earnings fell short of analysts adjusted EPS estimate of $0.62. The companys share price declined by 2.4% to $63.73 on May 13the day the company announced its results. The Consumer Discretionary Select Sector SPDR Fund (XLY) fell by 0.6% on the same day. Unfavorable factors Macys 1Q15 earningsdeclined due to lower sales and higher SG&A (selling, general, and administrative expenses). As we discussed in the last part, sales in the quarter were impacted by several factors including West Coast port strikes, a harsh winter, and lower sales from tourists. The quarter saw a $6 million rise in depreciation and amortization expenses and an increase of $2 million in retirement expenses. Department stores first quarter saleslike Kohls (KSS), J.C.
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In the fiscal year ending January 31, 2015, Macys reported same-store sales growth of 0.7% . This compares to the 4%, 4.4%, and 2% same-store sales growth of Nordstrom (JWN), J.C. Penney (JCP), and TJX Companies (TJX), respectively. What went right? In 1Q15, Macys benefited from strong sales in dresses, furniture, and mattresses.
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