Retail round-up on May 12, 2016: HMV’s Irish business falls into the red, and Macy’s posts worst quarterly sales since 2008 recession.
HMV posts annual pre-tax loss in Ireland on expansion costs
HMV Retail Ireland recorded a full-year pre-tax loss of €144,000, mainly due to expansion costs.
Turnover at the entertainment retailer’s Irish business for the 12 months to the end of January 2015 more than doubled to €19.66m from €9.67m.
The firm attributed this revenue growth to the two new store openings – in Dublin and Galway.
Macy’s records 7.4% slump in first-quarter revenue
US department store chain Macy’s first-quarter sales dropped 7.4% year on year to $5.77bn (£3.99bn), falling for the fifth consecutive quarter.
The retailer blamed the decline on a strong dollar and cautious consumer spending.
"We are seeing continued weakness in consumer spending levels for apparel and related categories. In particular, our sales trend relative to expectations meaningfully slowed beginning in mid-March, and first quarter results are below our original outlook," said Terry J. Lundgren, Macy's chairman and chief executive officer.