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Discounters post solid results for January; Macy’s misses estimates
New York City -- The nation’s discount chains reported solid results for January, with Target Corp., TJX Cos., and Costco Wholesale Corp. all reporting gains above expectations. Overall, discounters reported stronger results than department stores, which appeared to take a greater hit due to the unseasonably warm weather and heavy promotions.
As the first month of the year, January accounts for only 20% Nov.-Jan. sales, and 7% of annual sales, according to RetailMetrics.
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Esprit to shutter all North American stores
Hong Kong -- Esprit Holdings said Thursday that it will close all 93 of its stores in North America, after abandoning previously announced plans to sell off the business or find a licensed operator to run the stores.
However, according to an emailed statement by Patrick Lau, head of investor relations and mergers and acquisitions, Esprit plans to find one or more license partners to maintain the brand’s presence in North America.