Macy's, JC Penney; Kohl's, Blackstone
Anyone notice a common theme here?
Macy's, the second-biggest U.S. department-store company, posted a loss of $59 million
as revenue declined 3% and same store sales fell 2.6%, which was better than Nordstroms decline of 6.5%.
JC Penney, the third-largest U.S. department-store chain, posted a Q1 profit as net income declined 50%
and sales declined 5.1% while inventories rose 5.6%. Same store sales declined 7.4% vs a 3.4% increase last year.
CEO Myron Ullman: "we will cut future orders and make necessary discounts to better balance our inventory position with expected sales levels."
Kohl's, the fourth-largest U.S. department-store company, said profit dropped 27% as same store sales fell 6.7%
Leading buyout firm Blackstone posted an unexpected loss of $66.5 million vs a profit of $838.5 million,
on a 94% decline in revenue as it announced one leveraged buyout, valued at $1.2 billion, in the period, compared with $42 billion in deals a year earlier.
Blackstone President Tony James said banks may be mistaken if they think credit markets have begun a sustained recovery.
"It's not clear to me if it's a permanent upswing, as I think many of the banks are saying, or the eye of the hurricane."
Macy's, the second-biggest U.S. department-store company, posted a loss of $59 million
as revenue declined 3% and same store sales fell 2.6%, which was better than Nordstroms decline of 6.5%.
JC Penney, the third-largest U.S. department-store chain, posted a Q1 profit as net income declined 50%
and sales declined 5.1% while inventories rose 5.6%. Same store sales declined 7.4% vs a 3.4% increase last year.
CEO Myron Ullman: "we will cut future orders and make necessary discounts to better balance our inventory position with expected sales levels."
Kohl's, the fourth-largest U.S. department-store company, said profit dropped 27% as same store sales fell 6.7%
Leading buyout firm Blackstone posted an unexpected loss of $66.5 million vs a profit of $838.5 million,
on a 94% decline in revenue as it announced one leveraged buyout, valued at $1.2 billion, in the period, compared with $42 billion in deals a year earlier.
Blackstone President Tony James said banks may be mistaken if they think credit markets have begun a sustained recovery.
"It's not clear to me if it's a permanent upswing, as I think many of the banks are saying, or the eye of the hurricane."
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