Canada Goose soared Wednesday after reporting a blowout second quarter, but retailers continued to nurse losses following a slump in Macy's.
Macy’s (NYSE:M) fell 5% even as its third-quarter revenue and earnings topped analysts' expectations, as some market participants expressed concern over whether the retailer can continue the pace of same-store sales growth.
Sales at stores opened at least a year rose 3.3%, its fourth-straight quarter of gains after a three-year slump.
The retailer lifted guidance for full-year profit on expectations that shoppers will continue to splurge in the holiday season.
Macy's now expects annual profits to increase from $3.95 and $4.15 per share to between $4.10 and $4.30.
Apparel company Canada Goose (NYSE:GOOS) soared to all-highs before paring gains after reporting better-than-expected second-quarter results and full-year guidance. Its shares were up more than 7%.
The retailer posted earnings of CAD$0.46 a share and revenue of CAD$230.3 million, handily beating Wall Street estimates for CAD$0.26 and CAD$197.90 million.
Ahead of its quarterly report on Thursday, JC Penney (NYSE:JCP) fell more than 3% as market participants expect that large-scale store closures, falling footfall and weak comparable sales will continue to weigh on performance.
Analysts expect the retailer to post a loss of $0.56 a share, wider than the loss reported a year earlier, while sales are expected to remain flat around $2.8 billion.
