The Big Story
Department Stores: No Turnaround Yet, But Reasons for Optimism
Last week was a roller coaster ride for the department store segment. After Macy’s released positive first quarter results early in the week, there was upbeat analysis everywhere. Was this the beginning of a long-hoped-for turnaround in the segment? Then the rest of the public companies in the space released their numbers later in the week and the enthusiasm was diminished. While Dillard’s beat sales and bottom line expectations easily, JC Penney and Nordstrom disappointed with anemic sales growth. And then there was Sears, which reported a precipitous drop in sales and spoke about selling one of their strongest remaining brands, Kenmore.
What are the takeaways and highlights from this mixed bag of reports?