Messi'S Department Store Sales Increased By 0.6% In The First Quarter Of The Same Store, And The Profits Fell

According to the Wall Street journal, sales of M in the first quarter of Wednesday were stronger than expected in the first quarter of Wednesday.

The company said that the increased number of customers shopping through digital channels has benefited them.

As of May 4th, sales of Messi's department stores at least one year increased by 0.6%, up 0.6% from FactSet's estimate.

Including franchising departments, same store sales increased by 0.7%.

In addition, net sales fell less than 1% in the first quarter to $5 billion 500 million.

The company's share price opened more than 3% on Wednesday, but it has since levelled off.

At 1:30 p.m. on Wednesday, Messi's shares fell 0.89%, to $21.62.

Messi Jeff Geoff, chief executive of department store, said at a conference call: "consumers are still healthy, but challenges are imminent, including the tense trade situation." (Gennette)

Under such circumstances, it is difficult to find a way that does not affect customers. "

He said Messi department store is working with suppliers to determine which products can withstand price increases and which can not.

For those unable to do this, the focus of discussion will be on who will incur additional costs. Messi stores or its suppliers.

The US Department of commerce data show that the expected performance of Messi's department is opposite to the overall trend of US retail sales in April.

Contrary to recent trends, spending on department stores has increased slightly, but spending on non store retailers, including AMZN and other e-business companies, has declined.

The company's first quarter profit was $136 million, or 44 cents per share, down from $139 million a year earlier, or 45 cents a share.

After deducting impairment and other costs, adjusted earnings per share were 44 cents, higher than the 33 cents expected by analysts surveyed by FactSet.

Analysts are concerned about the increase in the stock level of Messi stores, which rose by 2.4% compared with the same period last year.

Genet said that the goods shipped by Messi department were also more than a year ago, and the inventory level is expected to decline before the end of the year.

Like other retailers, Messi is also working hard to deal with the rising cost of online order delivery.

One way that the company hopes to make up these costs is to better manage the prices of its products, which will erode profits.

The company has been testing a program to reduce the price of goods locally according to the inventory of specific stores.

For example, if a store in Boston has 10 khaki pants, and Houston stores only 1, then Boston stores will sell these products at a reduced price, while Houston's stores may not lower their prices.

The new pricing strategy only affects the price reduction without affecting the price during the promotion period.

Messi is also exploring various attempts at its flagship store on thirty-fourth street in Manhattan, including building an office building at the top of the building.

Genet said in an interview that the company is negotiating with the New York municipal government officials on the project, which does not include reducing the scale of the store.

He said: "we will continue to operate the entire store and expand it on this basis."

In April this year, Messi general store said it would launch the story concept Story store in 36 stores in 15 states.

It acquired Story in May 2018, when the company had only one store in New York, rotating its merchandise and store layout every four to eight weeks.

Genet said at the conference call that Story performed well and helped attract more new customers.

But more importantly, he said, Story helped Messi get rid of the stereotype of its stale department stores.

Genet said: "this has broken the pattern and opened up a new partnership for us.

We have been receiving calls from potential partners recently. They did not usually contact us in the past.

Messi also confirmed sales and profit expectations for the current fiscal year.

The company expects net sales to be essentially flat with the previous fiscal year, and comparable sales will remain flat to 1%.

Excluding the cost of settlement, derogation and other costs, the company forecasts that the adjusted EPS will be between $3.05 and $3.25 this year.

In February this year, Messi general store implied that 2019 would be a challenging year, and it was expected that sales would not grow and announced a new round of cost reduction.

The company says that as part of its annual savings of $100 million, it will streamline senior management, which will lead to 100 layoffs.