Department Stores

Joggers are piled up at Gap, Macy’s has too much activewear and Kohl’s is full of fleece.Shoppers have shifted their spending from the casual clothes and home items that had been in demand during the height of the pandemic, catching some retailers off guard and leaving them with excess goods that need to be marked down. The scenario playing out this year at Gap Inc., GPS -0.55% Macy’s Inc. M 0.04% and other chains is a reversal…

Over the past week, business leaders have laid out in the starkest terms yet that a period of universal strength in the U.S. economy has given way to a muddled outlook in which a labor shortage, soaring stock markets and a healthy consumer are no longer givens.Technology companies from Facebook parent Meta Platforms Inc. to Uber Technologies Inc. have sharply slowed hiring in recent weeks, and Elon Musk told staff at…

Amazon. com Inc.’s decision to throttle back on its e-commerce operations threatens to slow the growth of the industrial-space sector, one of the hottest areas of commercial property.For now, demand from other retailers is expected to pick up the slack, supporting warehouse occupancies and rent levels, analysts say. Rents, occupancy levels and sales volume of industrial real estate were already rising before Covid-19. They have soared even higher during much of the pandemic, as retailers led…

American shoppers boosted spending at department stores and discount chains, showing resilience amid inflationary pressures that have weighed on consumers and dented results at many big retail chains. Macy’s Inc. M 17.80% and Dollar Tree Inc. DLTR 21.00% reported strong sales increases in their most recent quarters. Those results came as shoppers spent more on clothing for work and special occasions, while turning to…

Macy’s Inc. M 9.09% reported strong sales growth and raised its earnings guidance for the year, bucking a downshift in consumer spending at other retailers and sending its shares higher. Net sales rose nearly 13.6% to $5.35 billion in the first quarter, compared with $4.71 billion a year earlier. Comparable sales, which excludes newly opened or closed stores, rose 12.8%. When including licensed departments, comparable-store sales rose…

Orders for long-lasting goods such as appliances, computers and cars rose in April, driven by an increase in new aircraft orders. New orders for products meant to last at least three years increased by 0.4% to a seasonally adjusted $265.3 billion in April following a revised 0.6% rise in March, the Commerce Department said Wednesday. April marked the sixth increase in seven months. Nondefense aircraft and parts orders were up 4.3%, rebounding from an 8.1% decline in March.…

KPMG LLP agreed to pay a fine after the Financial Reporting Council found shortfalls in its audit of Rolls-Royce Holdings PLC, the British jet engine manufacturer that settled bribery allegations in 2017. The U.K. audit regulator on Tuesday said it imposed sanctions of £3.4 million—equivalent to $4.2 million—against the professional-services firm and £112,500 against audit partner Anthony Sykes. The investigation, which the FRC announced in 2017, focused on…

Investors are looking for more signs that inflation and lingering effects from the Covid-19 pandemic are wearing on American consumers.This week, Macy’s Inc., Dollar General Corp. , Costco Wholesale Corp. and other retailers are slated to release quarterly reports showing sales without the lift from government stimulus that helped consumer spending last year. In addition, rising costs for fuel, freight and labor as well as changing purchasing…

Kohl’s Corp. KSS 4.43% slashed its sales and profit targets amid a sharper-than-expected pullback in consumer spending, but executives said suitors remain interested in buying the department-store chain ahead of a bid deadline. While the first quarter started strong, company officials said, demand weakened as inflation spurred consumers to tighten their belts without the lift from last year’s government stimulus to help spending.…

Consumers, rejoice. This could be the year of clearances and deals. Retailers reporting earnings this week have seen a surge of inventory as they found themselves carrying too much stuff that consumers no longer want so much of, including basic apparel, home appliances and furniture. Ahead of last holiday season, retailers ordered with plenty of cushion in mind to prevent empty shelves. Now a so-called bullwhip effect could be in store.…