Why Macy's Is Getting a Boost After a Mixed Earnings Report

Macy's sales drop for 11th straight quarter

Nordstrom Inc. (JWN) shares fell more than 3% late Thursday after the retailer's comparable-store sales fell more than Wall Street expected, and sales were slightly below forecasts.

Nordstrom Inc. posted a worse-than-expected sales decline ahead of the holiday season, disappointing investors who'd hoped the upscale department-store chain was bucking the mall malaise. On the bright side, Macy's said it had a double-digit jump in online sales for the 33rd straight quarter.

Nordstrom reported a 0.9 percent decline in same-store sales for the quarter ended October 28, missing the 0.4 percent decline expected by research firm Consensus Metrix.

A source close to the family group told Reuters at the time that Nordstrom's holiday sales did not have to be particularly strong for a deal to materialize and that it was the uncertainty of what the shopping season would look like that weighed on banks' appetite to finance the bid.

He later elaborated on the company's strategy to expand and refine Backstage. In a nutshell, Macy's is trying to target its best customers with exclusive loyalty perks.

Comparable sales turned negative, showing the previous quarter's gain may have been fleeting rather than part of a sustained turnaround.

Net income more than doubled to $34 million, or $0.12 per diluted share, from $15 million, or $0.05 per diluted share.

The Street is now looking for earnings of $3.39 per share for the year on revenues of $24.71 billion. The program is created to enhance the store's relationship with its best customers, who account for 10 percent of its shopper base but make up half of total sales.

Kohl's has been looking at ways to merge ecommerce perks with in-store operations as a way to lure more shoppers through its doors.

Kohl's, meanwhile, has expanded its partnership with Amazon to sell devices like the Echo and Fire tablets at some stores. The company touted a small comparable store sales increase, saying the traffic momentum it experienced in the first half of the year continued in the period.

"The objective from our perspective is very simple and very straightforward", Mansell said on a call with analysts.

"The business still has many structural issues to tackle as we embark on the next five years of our transformation, in the context of a very challenging retail and consumer environment".

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