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CIT: Acquires SoCal-based One West Bank
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Tiffany Montgomery
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Interesting details from Macy's call

By Tiffany Montgomery
August 14, 2008 7:58 AM

Macys home storeA few details of note came through on the Macy's second quarter earnings conference call yesterday, including:


- 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.

 

 


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