Macy’s has cut its profit outlook for 2015 after a drop in sales in Q3.
The department store’s net income for Q3 of 2015 was $118 million, down from $217 million in the same period last year.
Macy’s shares fell 14% following the news.
In a statement, Macy’s CEO Terry Lundgren said the company was “disappointed” that the pace of sales did not improve as much as expected.
Sales were hurt in part by the warm weather, which made it harder to sell winter clothing, and a strong dollar, which hurt tourist spending.
“Heading into the fourth quarter, we are shifting our organization into overdrive to focus on sales-driving activities in the holiday shopping season,” said Terry Lundgren.
Macy’s now sees full-year earnings coming in at $4.20 to $4.30 per share, compared with an earlier guidance of $4.70 to $4.80.
The company has opened five discounted outlets in the New York area and plans to open a sixth by the end of 2015.
Macy’s, which also owns the department store Bloomingdale’s, plans to open three new discount branches of that store too.
The company said it is also considering discounts at its stores to help move large quantities of inventory.
On a call with investors CFO Karen Hoguet said “we will need to liquidate this inventory in the fourth quarter so that we can maintain the flow of fresh new merchandise.”
Macy’s has been cutting down on the number of standard priced stores that it owns for the last several years. Earlier this year it announced plans to close 35 to 40 stores in the US in early 2016.
While many use the Black Friday sales as an opportunity to get big-ticket items at a bargain price, the style set knows that it is also the perfect chance to bag new season stock at a serious markdown.
And fashion retailers are well aware, with some opening as early as 8:00 p.m. on Thanksgiving Day so that fans can make the most of the holiday discounts.
This year, sartorially-inclined shoppers will find some of the best deals at Tibi, where fall collections will be 60% off, and J Crew Factory, where already discounted items will have a further 40% off.
For the cheapest bargains, head to H&M, where party dresses will cost from just $5, and Forever 21, which will have some items going for just a dollar.
Earlybirds will most definitely be catching the proverbial worm at Bloomingdales (the sale lasts from just 7 a.m.-1 p.m.) and C Wonder (an extra 50% off between midnight and 8 a.m.) – it’ll be well worth it for bleary-eyed shoppers at Zara on Manhattan’s 34th Street, who will be rewarded for their efforts with free tea and coffee from 5 a.m.
It’s worth getting in line ahead of opening time too, as those at the front will get gift cards at H&M and Topshop – and don’t forget store cards as there will be extra discounts at Saks Fifth Avenue and Target.
Even if the discounts aren’t that impressive, it’ll still be worth hitting some stores for the free giveaways. Victoria’s Secret will be giving away generous beauty goody bags on spends of $60 or more, and at Piperlime’s SoHo store, there will be free hot chocolate and holiday treats for all.
Black Friday 2012: An A to Z of the most stylish sales
AEROPOSTALE
The brand fronted by Chloe Moretz is taking 60% off everything apart from fragrances and beauty on Black Friday.
BANANA REPUBLIC (from 12 a.m. on Friday)
Banana Republic will be offering 40% off everything all day. Stores will also be open on Thanksgiving Day.
Banana Republic Factory Stores will feature 70% off everything from November 16-25.
BLOOMINGDALES (from 7 a.m. Friday)
At the Manhattan flagship, there will be discounts in all departments including 25% off all women’s denim – head down early though, the fun stops at 1 p.m.
C WONDER (from 12 a.m. Friday)
Before 8 a.m., there will be a further 50% off all sale items in store, and throughout the day there will be a 25% discount on everything online.
DIESEL
The denim favorite will be taking 30% off the whole fall collection.
DKNY
A further 30% off sale items, currently discounted by 40%.
FOREVER 21
The Forever 21 sale starts tomorrow, with 30% off sweaters and some items priced between just $1 to $15.
On Black Friday itself, there will be further discounts on denim, pajamas and accessories.
GAP (from 12 a.m. Friday)
Shoppers who arrive before noon can get sweaters for as little as $19, and kids’ T-shirts for $5. The big discounts start well before though, with 60% off everything from Tuesday until Sunday.
H&M (from 12 a.m. Friday)
New season items – including holiday party dresses – on sale from as little as $5. Plus the first 100 people in line at H&M stores will win scratch-off gift vouchers, some with a value up to $300.
Black Friday 2012 A to Z guide of the most stylish sales
JCPENNEY (from 6 a.m. Friday)
There will be discounts across the board, but winter wear looks to be where the strongest discounts are.
Boots will be discounted to $25, $50 puffer jackets at $30, and JCPenney winter jackets, usually $70, will be discounted by up to $30.
J CREW FACTORY
From tomorrow until Monday, J Crew’s outlet is discounting every item by 40%.
KOHL’S (from 12 a.m. Friday)
The first price drops start online at midnight tonight, but on Black Friday itself there will be up to 70% off winter coats and jackets, sweaters for $9.99 and up to 60% off all winter fashion accessories.
Expect $20-30 off most other fashion items, and up to 60% off sterling silver jewelry.
MACY’S (from 12 a.m. Friday)
Discounts of up to 50%. Among the offers will be Charter Club cashmere at $49.99 Nine West and Kenneth Cole coats at 79.99 and boots for just $19.99.
The store has also launched a special Black Friday app to help customers plan their shopping day.
MADEWELL
The J Crew sister chain is offering a 25% discount on all purchases throughout Black Friday.
NORDSTROM and NORDSTROM RACK
There will be extended opening hours on Black Friday (times vary according to region), and Nordstrom Rack shoppers will get a $10 gift card for every $100 spent.
Cardholders can claim double points on Nordstrom Rack purchases over the weekend and Twitter users can follow clues to find 25 green “Dots”, each worth for a $50 gift card.
OLD NAVY (opens at 12 a.m. Friday)
Everything is discounted with deals on coats, denim and tees. Shoppers can expect fleece tops and jeans from $15 and women’s boots for $12. Sales will continue into Saturday.
PIPERLIME
In celebration of Piperlime’s first holiday with a physical location, the SoHo store will open its doors an hour early on Black Friday and offer a hot chocolate and holiday treats.
SAKS FIFTH AVENUE
Winter clothing will be discounted by up to 50per cent, with a further 50% off sale items.
Spend over $100 on beauty and get a $25 gift card. Make purchases on your Saks credit card after midday, and you’ll get another 10% off sale stock.
SCOOP NYC
Get 25% off everything (with select exclusions) on purchases made in store.
SEARS (from 8 p.m. Thursday)
On the fashion front, Sears is offering discounts of 60% on handbags and 75% off on jewelry, as well as boots for as little as $19.99.
SEPHORA
Ten items, from brands including Stila and Korres, will be on sale for $10 each.
There will also be generous discounts on many other items including Urban Decay eyeshadow for $6 and the Prada Candy Gift Set for $82 (usually $104).
The biggest discount will be on the Sephora Collection Color Daze Blockbuster, available for $49.50 instead of the usual $370.
TARGET (from Thursday at 9 p.m.)
There will be special discounts across the board, including clothing from as little as $10.
Those paying on the stores’s REDcard get an extra 5% off.
TIBI
Pieces from the fall and pre-fall collections will be discounted by an impressive 60%.
TOMMY HILFIGER
There will be 40per cent off all stock, plus a 25% discount on spends of over $200 before 10 a.m.
TOPSHOP
The chain is offering $10 off $30 spends, $20 off $50 spends and those spending over $100 get $50 off and a pair of mittens (NY and Chicago) or a glitter nail polish and scarf, while stocks last.
There will be 30% off selected merchandise, spree prizes of $100, $200 and $500, and the first 200 in line at the New York and Chicago stores will get Early Bird gift cards.
The Las Vegas flagship will be open from midnight, and the first 500 will be eligible for gift cards.
URBAN OUTFITTERS (from 12 a.m. Friday)
The holiday sale has already kicked off at Urban Outfitters, but on Black Friday there will be an extra 50per cent off before 10 a.m. on all sale items.
VICTORIA’S SECRET
Shoppers spending over $65 on Black Friday will get a limited edition tote filled with “Beauty Must-Haves” from the lingerie giant’s range.
ZARA
The New York stores will be open from 7 a.m. until 11 p.m., with the exception of the 34th Street store, which will be open from 4am (with free tea and coffee from 5-8 a.m. for those early birds).
There will be discounts of 50% off selected items in all New York locations.
A model in an advert for Bloomingdales appears to have lost her entire pelvis thanks to some creative use of Photoshop as she presents the latest sweater dress.
The description for the Max & Cleo turtleneck sweater dress says it “boasts a waist-cinching belt for the most flattering fit”.
Models tend to be on the skinny side, but it looks like this woman’s belt has managed to squash her hips and completely remove her bottom.
A close-up of the dress shows it has been digitally altered to make it “drape” over her body.
The software is regularly used to create the ideal look for magazine or advertising purposes.
The description for the Max & Cleo turtleneck sweater dress says it “boasts a waist-cinching belt for the most flattering fit”
In May this year, Grazia magazine came under fire after a picture of the Duchess of Cambridge on its cover appeared to have been altered to slim down her waistline.
Less than a week after the Royal Wedding, the image of Kate in her wedding dress revealed a discrepancy between the line of her corset and the fabric of her Alexander McQueen skirt.
The Duchess of Cambridge was already slim, so it hardly seemed necessary to doctor the image.
H&M was also guilty of altering its images after a campaign featuring model Gisele Bündchen this year was deemed too risqué for the Middle East.
Despite revealing only her bare arms or a hint of cleavage, t-shirts or vests were Photo-shopped into the images for adverts running in Dubai.
In November, Beyoncé’s usually voluptuous legs were shaved until they were virtually stick-thin for the front cover of Harper’s Bazaar.
The image also did not show any hint of a baby bump – despite the fact her first child is thought to be due in February.
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