Largest U.S. Department Stores Upbeat on Upcoming Holiday Shopping Season
Macy's (M) stocks rallied after reporting comparable sales increased 37.2% on a comparable basis in Q3 and were up 35.6% on an owned-plus-licensed basis during the quarter.
Macy's (M) stocks rallied after reporting comparable sales increased 37.2% on a comparable basis in Q3 and were up 35.6% on an owned-plus-licensed basis during the quarter. Both marks were up around 9% from the pre-pandemic level seen in 2019. Macy's (M) also said it added 4.4 million new customers to the brand in the quarter.
Both Macy's Inc and Kohl's Corp (KSS) raised their full-year sales and profit outlook recently, signaling the department store operators have sidestepped supply chain snarls and were well-stocked for the all-important holiday season. In particular, moves by Macy's to expedite shipments and make product orders earlier in the year helped keep its inventory levels rise by 19.4% in the quarter ended September.
The retailers also exceeded market estimates for third-quarter sales, benefiting from a surge in spending on perfumes, dresses and formal wear by Americans returning to offices and social events.
Indian Economy Sees New Crucial Threats from Omicron Variant
UBS said “New flare-ups of Covid infections [both ongoing and yet coming] in India, and particularly the emergence of new Covid strains against which currently available vaccinations provide little or no protection are probably the biggest downside risk,”.
U.S. Foreign Trade Deficit Trimmed in October but Remains Historically Elevated
According to the U.S. Department of Commerce, in seasonally adjusted terms, the U.S. foreign trade deficit slowed down to a monthly pace of 14.6% to reach a still-alarming $82.9 billion.
China Becomes Concerned about “Quasi-Stagflation” as Developers Face Mounting Troubles
According to Bloomberg, Liu Shijin, an adviser to the People’s Bank of China, the country’s economy may face a period of “quasi-stagflation” with relatively slow growth and excessively high producer-price inflation.
