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Macy’s Posts Another Quarter of Declining Sales; Nordstrom Cuts Outlook Despite Increase in Comps

Yoox Net-A-Porter Group

Yoox Net-A-Porter Group reported a net revenue growth of 19 percent ($234.2 million) for the third quarter ended Sept. 30, which was driven by strong organic performance in the U.S. and Asia Pacific. Multi-brand in-season net revenues were up 19 percent ($234 million), multi-brand off-season net revenues were up 19 percent ($194 million) and gross merchandise value of online flagship stores were up 26 percent. The luxury brand’s e-commerce platform also boosted its shopper reach, with 2.8 million active customers, compared to 2.3 million customers in the same period last year.


Zalando’s financial year 2016 profitability guidance was raised to an adjusted EBIT margin of 5 percent to 6 percent. The fashion e-commerce company experienced stellar performance for the third quarter ended Sept. 30. Zalando’s third quarter revenue increased to $909.1 million (up 17.1%), while nine-month revenue rose to $2.7 billion (up 21.9%). The company increased probability across cost of sales, fulfillment and marketing, resulting in a positive nine-month cash flow of $71.9 million.


SuperGroup achieved strong sales growth for the 26-week period ended Oct. 29. The company’s group revenues rose to $42 million, which was a 31.1% increase from the same period last year. For the half year, SuperGroup experienced sales growth within its e-commerce channel. Total sales growth was 25 percent and like-for-like sales growth was 12.8% compared to a year earlier. Investments made in the last year also boosted SuperGroup’s wholesale revenue to $149.2 million, which was up 43.8% from last year.


Puma maintained its gross profit margin and sales growth for the third quarter ended Sept. 30. Although a stronger U.S. dollar caused some currency trouble, Puma sustained its gross profit margin at 45.8%, due to sourcing improvements, an improved footwear product mix and selective price adjustments. Sales also increased by 10.7% adjusted to $1 billion, with the North American and EMEA markets responsible for this growth. Overall, from January to November, sales rose 10 percent and were adjusted to $2.8 billion.

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Macy’s sales were down for the third quarter ended Sept. 30. Third quarter sales decreased by 4.2% to $5.6 billion, which was less than sales of $5.8 billion in the same period last year. Comparable sales were also down by 2.7%. The difference between the year-over-year change in total and comparable sales was due to Macy’s closing 41 stores at the end of fiscal year 2015. From January to November, the retailer’s sales totaled $17.3 billion, which was down 5.2% compared to total sales of $18.2 billion for the same time period in 2015.


Nordstrom achieved higher operational results for the third quarter ended Sept. 30. The retailer’s net loss was $10 million and EBIT was $55 million, compared with net earnings of $81 million and EBIT of $155 million in third quarter 2015. Retail EBIT decreased $126 million compared to the same period last year, as a result of the impairment charge of $197 million. Credit EBIT also rose to $26 million, due to the company’s sale of its credit card portfolio. Total company net sales for the third quarter reached $3.5 billion, which was slightly higher than net sales of $3.2 billion in third quarter last year. Total company comparable sales also rose 2.4%. However, Nordstrom lowered its fiscal year 2016 outlook to $1.70 to $1.80 per diluted share, down from $2.60 to $2.75.