Macy’s and Home Depot both reported fourth-quarter earnings that exceeded analysts and Wall Street expectations; according to AP News.
Macy’s revenues increased by 3.7% in 2012, and expected revenues to increase by 3.5% in 2013. In January, Macy’s announced that it was closing 6 stores impacting almost 700 employees. The store is looking to expand its Bloomingdale’s chain by opening in Rosemont Illinois; employing over 50 sales associates.
Home Depot’s net income increased by 32% in the fourth-quarter of 2012. Analysts believe that Superstorm Sandy played a large part in its earnings growth. In 2008, Home Depot announced it was closing 15 stores across the U.S. One financial analyst stated that they (Home Depot) “have come a long way since then.”
The Chicago based analyst went on to say:
“Both outlets are heavily invested in our state. This news, when combined with an unemployment rate that has dropped 2.7 percentage points (from 11.4% to 8.7%) since January 2010; indicates that the Chicago market and economy are growing stronger. It also could be an indication that there is still a market for traditional stores. E Commerce has not taken over yet.”
According to the Labor Department, the economy created 1.84 million jobs in 2012; with the majority coming from the sales and professional services fields.
Source: AP News
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