Business

Macy’s earnings beat market buzz amid consumer spending pressures

Published

9 months ago

Farwa

Macy’s maintained its annual forecasts unchanged despite its second-quarter sales and profit topped market expectations as the luxury department store company anticipates continued pressure on consumer spending.

The retailer, like Target and Coach parent Tapestry, has seen a drop in demand from middle-income customers as they cut back spending on apparel and handbags amid elevated inflation, reported Reuters.

“In light of ongoing macroeconomic pressures and uncertainty on when those will abate, the company continues to take a cautious approach on the consumer,” Macy’s said in a statement.

It reaffirmed its 2023 sales expectations of $22.8 billion to $23.2 billion and adjusted full-year profit per share between $2.70 and $3.20.

Throughout the second quarter, Macy’s worked to clear excess inventory after a move to convert its merchandise for the spring and early summer hurt demand, forcing the Bloomingdale’s parent to cut its annual sales and profit forecasts in June.

Gross margin slipped to 38.1% from 38.9% a year ago.

For its higher-end beauty brand Bluemercury, Macy’s saw quarterly comparable sales rise 5.8%.

“Despite beating profit and sales expectations, Macy’s earnings show that discretionary demand remains constrained as shoppers allocate more of their budgets to everyday necessities,” Insider Intelligence analyst Rachel Wolff said.

Macy’s posted an adjusted net income of $71 million, or 26 cents per share, in the quarter ended July 29, beating expectations of 13 cents.

Comparable sales for Macy’s-owned and licensed stores fell 7.3%, compared with expectations of a 6.48% drop, according to Refinitiv data.

The Bloomingdale’s parent said credit card revenues fell to $120 million from last year’s $204 million, owing to a faster-than-expected rise in delinquencies rate.

The company’s shares, which have lost nearly 30% this year, were down about 1% in premarket trading.

Business

Pakistan’s gold prices continue to decline.

Published

1 day ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

1 day ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

1 day ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.