There is no real surprise from Gap’s third quarter figures: Sales are poor, profit is weak although marginally better than forecast, and the outlook remains gloomy.
With Black Friday a week away, more than half of consumers have already started their holiday shopping and nearly a quarter of purchases have already been made.
With a 4.3% decline in total revenue and a 3.9% dip in comparable sales, the latest set of numbers from Macy’s suggests that there are more nightmares than miracles on 34th Street.
The department store sector took another blow as Macy’s Inc. reported a big drop in earnings and its first same-store decline after six straight quarters of comp sales growth.