Turtle Bay awards $50,000 in grants and scholarships. The Moss Adams Apparel Market Monitor shows that public companies, with the exception of the Youth Lifestyle category, continue to outperform the overall stock market. Now on Industry Insight.
- Women's apparel has been the toughest category but the company is seeing some strength in contemporary and juniors.
- Premium denim is still doing well and swim did a little better this summer than last summer.
- The men's business has become challenging in the last month or so, especially in clothing and furnishings.
- Nordstrom customers are spending less but not trading down, the company said.
- Total sales fell 4.3 percent while same-store sales fell 6 percent for full priced and Rack stores combined. Net income fell 21 percent. The toughest pieces of the business are California and women's apparel.
- The company expects third quarter same-store sales to be down 4 to 6 percent.
- Increased markdowns are hurting margins.
- The company lowered its profit outlook for the year. Earnings per share are now expected to be in the range of $2.55 to $2.65, down from $2.65 to $2.80.