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Destination Maternity cuts Q3 outlook on disappointing sales
Philadelphia -- Destination Maternity said its third-quarter revenue fell 5.3% to $138.8 million. Wall Street had expected $146.4 million. The retailer cut its third-quarter earnings forecast, citing weaker-than-expected sales.
Same-store sales fell 2.4%.
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Budget priced brands versus EDLP basics
It may be back to basics in Walmart’s apparel department, but shoppers still crave discounted brands and fashion as evidenced by continued strength at some familiar retailers.
TJX and Ross Stores both posted same-store sales increases of 7% during June, and both companies used the occasion of the better-than-expected results to elevate their profits forecasts. TJX said June sales increase 9% to $2.3 billion, while Ross said its June sales increased 12% to $886 million.