ROTH investor conference is Sunday - Wednesday. Implications of a new tax on some high net-wealth individuals from Moss Adams Capital. "The Legacy of Bing," next up at SHACC. Details on Industry Insight.
- While same-store sales fell 2.1 percent during the quarter and total sales fell 3 percent, Macy's executives are happy they are outperforming other department store competitors.
- The strongest regions were the Northeast and Texas while the West and upper Midwest were weak.
- The best categories were jewelry, cosmetics, shoes, men's furnishings, men's collections, housewares and mattresses.
- Weak categories included ready to wear, intimate apparel, men's classification sportswear, children's, textiles and tabletops.
- Macy's expects the third quarter to be weaker than the fourth quarter.
- Bloomingdale's is still one of the company's best performers.
- Macy's is ordering conservatively for spring.
- There are no major plans to close a significant number of stores.
- While ready-to-wear has not been performing well, there are a few bright spots: denim, skinny jeans, vests, knit tops and the tunic silhouette. Dresses have also improved.