MOSS ADAMS CAPITAL: Apparel and foowear market monitor highlights notable deals, stock prices and results.
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Here are a few interesting items from Macy's second quarter earnings conference call yesterday:
- Both men's and women's moderate apparel were the strongest categories. Housewares, cosmetics and kids also performed well.
- Macy's exclusive Tommy Hilfiger and Martha Stewart lines had a good quarter. Shoppers responded positively to a new exclusive line for the young contemporary customer called Rachel by Rachel Roy.
- Weak categories included furniture, mattresses and handbags.
- The My Macy's pilot stores continue to outperform regular stores. My Macy's is a localization effort to tailor merchandise to local needs that is being rolled out to all stores.
- Bloomingdale's sales improved vs. the first quarter but were weaker than Macy's sales.
- Inventories were down 7.5 percent at the end of the quarter.
- Gross margins were flat vs. the same period last year at 41.5 percent
- The Midwest and Texas were the best-performing regions, while California and the Southeast were weak.