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October 24, 2011
11:44 EDTLUXLuxottica reports Q3 net sales EUR1.52B vs. EUR1.46B in 3Q10
Reports Q3 net income EUR111.2M vs. EUR101.9M in 3Q10.
News For LUX From The Last 14 Days
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November 19, 2015
07:26 EDTLUXDeutsche Bank to hold a virtual conference
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November 11, 2015
11:11 EDTLUXMacy's tanks after 'disappointing' Q3 report, drags down retail peers
Shares of Macy's (M) and its department store peers are plunging this morning after the retailer cut its outlook for fiscal year 2015 after reporting third quarter revenue that missed analysts' estimates. Macy's also said it will not be pursuing the formation of a real estate investment trust. TEPID SPENDING AT MACY'S: This morning, Macy's reported Q3 earnings per share of 56c excluding items, beating analysts' consensus estimates of 54c, on revenue of $5.87B, missing estimates of $6.09B. Including asset impairment charges primarily related to the previously-announced plans to close 35 to 40 stores in early 2016, EPS for the quarter was 36c. Comparable sales on an owned plus licensed basis were down by 3.6% in the quarter, with SSS down 3.9% on an owned basis. Terry Lundgren, Macy's chairman and chief executive officer, said the company is "disappointed" that the pace of sales did not improve as expected in Q3, noting that spending by U.S. customers was "tepid." Looking ahead, the company forecast fourth quarter EPS of $2.54-$2.64, well below analysts' consensus estimates of $2.90, and forecast SSS on an owned plus licensed basis down 2%-3%. Macy's also cut its FY15 EPS view to $4.20-$4.30 excluding charges from $4.70-$4.80, also well below estimates calling for $4.65, with total sales down 2.7%-3.1%, compared to previous guidance of down about 1%. Macy's now sees FY15 SSS on an owned plus licensed basis down by 1.8% to 2.2%, compared with previous guidance of approximately flat. WHAT'S NOTABLE: Macy's said in its earnings release that it has decided not to pursue the formation of a REIT at this time, but will consider redeveloping some of its flagship properties through joint ventures or other deals. Macy's said it has engaged Tishman Speyer to advise the company's senior management in identifying and advancing potential store redevelopment projects in the U.S. Activist investor Starboard Value had urged Macy's earlier this year to consider spinning off its real estate assets. Macy's said on its earnings conference call that it studied the formation of a REIT, but ultimately said there was "not enough value" to be created from the establishment of one. Macy's also announced this morning that it will reduce capital spending to less than $1B in 2016 from the $1.2B it expects to spend in 2015. Further, Macy's said it will roll out 50 free-standing Macy's Backstage stores in off-mall locations and, in spring 2016, will add Backstage stores within up to 10 existing Macy's stores. Macy's also plans to open about 40 more Bluemercury self-standing beauty specialty stores. The company also said it had signed an agreement with Luxottica Group (LUX) to open licensed LensCrafters shops in as many as 500 Macy's stores over the next three years. PENNEY: J.C. Penney reported stronger than expected SSS growth of 6.4% for Q3. Chief Executive Officer Marvin Ellison said that the company's Q3 EPS and gross margin performance "exceeded our expectations." J.C. Penney is set to report quarterly results on Friday morning. Separately, the retailer also announced the settlement of a class action lawsuit alleging false advertising. The company will make $50M in cash available for claims under the terms of the settlement. PRICE ACTION: Macy's is sliding 13% to $40.82 and J.C. Penney is down about 3% to $8.43. OTHERS TO WATCH: Kohl's (KSS), which will report quarterly earnings tomorrow morning, is down 6.5% and Nordstrom (JWN) is down 4.4%.
08:01 EDTLUXMacy's, Luxottica agree to open LensCrafters in as many as 500 Macy's stores
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November 10, 2015
15:15 EDTLUXLuxottica management to meet with William Blair
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