Core Points - The State Taxation Administration has announced the nationwide implementation of the "immediate refund upon purchase" service for outbound tax refunds, enhancing the existing outbound tax refund policy [1][6] - This service allows foreign travelers to receive cash refunds equivalent to the tax amount at the point of purchase in designated stores, facilitating immediate consumption [1][5] Implementation Details - The "immediate refund upon purchase" service has been piloted in cities such as Shanghai, Beijing, Guangdong, Sichuan, Zhejiang, and Shenzhen, with Hangzhou being the latest city to join the initiative starting September 15, 2023 [3][5] - In Hangzhou, 14 stores, including Hangzhou Tower and Yintai Department Store, are the first batch of trial merchants for this service [3][9] Refund Process - Foreign travelers can process the "immediate refund upon purchase" service by shopping for at least 500 RMB, with a maximum limit of 50,000 RMB, and must leave the country within 25 days [5] - Travelers need to provide their credit card for a pre-authorization guarantee to receive cash refunds on-site [5] Tax Refund Rates - The tax refund rates vary between 8% to 11% depending on the applicable tax rate of the purchased goods, with specific examples provided for different product categories [5] - For instance, a foreign traveler purchasing a silk scarf priced at 2,000 RMB could receive a cash refund of 180 RMB after fees, based on an 11% refund rate [5] Merchant Participation - Stores interested in offering the "immediate refund upon purchase" service can become designated merchants after discussions with local tax refund agencies [6]

The limited-time-only kate spade new york x Target collection includes over 300 pieces spanning apparel, accessories and home décor, with over half of the collection available for $15 and underMINNEAPOLIS, April 2, 2025 /PRNewswire/ -- Target Corporation (NYSE: TGT) today announced the launch of a limited-time collection of fashion, home and entertaining essentials with global lifestyle brand kate spade new york — an assortment designed to turn everyday moments into celebratory occasions. The kate spade new ...

NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Target Corporation (NYSE: TGT) between August 26, 2022 and November 19, 2024, both dates inclusive (the "Class Period"), of the important April 1, 2025 lead plaintiff deadline. SO WHAT: If you purchased Target common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.3400 | 0.3600 | -5.56 | 0.3300 | | 每股净资产（元） | 0 | 4.73 | -100 | 4.46 | | 每股公积金(元) | 0.13 | 0.12 | 8.33 | 0.1 | | 每股未分配利润(元) | 3.31 | 3.15 | 5.08 | 2.95 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 17.53 | 20.27 | -13.52 | 19.88 | | 净利润(亿元) | 2.47 | 2.6 | -5 | 2.38 | | 净资产收益率(%) | 6.96 | 7.71 | -9.73 | 7.46 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 | 名称 | 持有数量(万股) | 占总股本 | 增减情 | | --- | --- | --- | ...

对标学习"胖东来"没成功？银座股份净利暴跌近七 成 银座股份2024年积极推行"系统性改革，整体性重塑"战略，且"全面对标胖东来84项服务项目，调度区 域门店对标胖东来"，但从结果来看，短期内似乎难以扭转业绩下滑的颓势。 客流量下降影响经营业绩 对于营收和净利润的双双下滑，银座股份在年报中给出了三点主要原因。 管理团队曾多次到胖东来拜访学习 值得注意的是，投资者对银座股份的未来走向似乎存在分歧。年报显示，截至2025年2月28日，公司股 东户数为2.75万户，较上期减少了5.96%。3月25日，有投资者在股吧中表达了对公司股价持续下跌的担 忧，认为或将出现"八连阴"。 2023年，银座股份出售了德州商城相关资产，获得了较高的非经常性收益，这直接拉高了去年的利润基 数，使得本期净利润同比显得大幅减少。 基于谨慎性原则，银座股份在2024年年末对企业合并形成的商誉进行了减值测试，并计提了商誉减值损 失，这也进一步影响了本期净利润。 业绩承压的同时，银座股份管理层在报告中传递出积极的信号。该公司强调，2024年是其"系统性改 革，整体性重塑"的关键一年，围绕供应链改革、数智化转型、组织架构改革、亏损企业治理以及低效 ...

Financial Data and Key Metrics Changes - Net sales declined by 9.4% in Q4 and 7.2% for the year, with comparable sales decreasing by 6.7% in Q4 and 6.5% for the year [24][30] - Gross margin in Q4 was 32.9%, an increase of 49 basis points, while for the full fiscal year 2024, gross margin increased by 50 basis points to 37.2% [30][31] - Adjusted net income for Q4 was $106 million, with adjusted earnings per diluted share at $0.95, while for the year, adjusted net income was $167 million and adjusted earnings per diluted share was $1.50 [33] Business Line Data and Key Metrics Changes - Sephora continued to be a strong sales driver with comparable beauty sales increasing by 13%, an acceleration from Q3 [27] - The accessories business, excluding Sephora, had a flat comparable sales performance for the quarter, driven by strong performance in fashion and bridge jewelry [28] - Key growth categories, including impulse, gifting, home decor, and baby gear, showed collective outperformance, although legacy home business remained challenged [29] Market Data and Key Metrics Changes - Digital sales experienced a decline of 13.4% in Q4 and 8.7% for the year, primarily due to softness in the home category and online inventory suppression issues [26] - Store comparable sales declined by 3.1% in Q4 and were down 5.6% for the year, although store sales benefited from strong average transaction value [24][25] Company Strategy and Development Direction - The company aims to offer a curated, more balanced assortment that fulfills needs across all customers, reestablish itself as a leader in value and quality, and enhance the omnichannel platform for a frictionless shopping experience [11][12][18] - The focus will be on proprietary brands, which resonate with core loyal customers, and simplifying promotions to improve customer experience [14][17] - The company plans to rebuild cash balance, reduce reliance on revolver, and capitalize on opportunities to further reduce debt and overall leverage [39] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the turnaround will take time, with expectations set for gradual improvement starting in 2025 [11][22] - The macro environment presents challenges, particularly for lower-income customers who are seeking value [60][61] - Management is optimistic about the company's potential, citing a strong foundation and loyal customer base [21][22] Other Important Information - The company announced the closure of 27 underperforming stores and one e-commerce fulfillment center, resulting in a one-time charge of $76 million [33] - Capital expenditures for 2024 were $466 million, with expectations for 2025 to be in the range of $400 million to $425 million [34][39] Q&A Session Summary Question: Assessment of merchandising strategy and confidence in returning to growth - Management sees significant opportunities in product offerings, value, and quality, with a loyal customer base that can be better served [42][44] Question: Implications for margins with quality elevation of private brands - The focus is on balancing proprietary and national brands while improving promotional strategies to enhance customer value perception [48][50] Question: Store base evaluation and merchandise assortment mix - The company has a productive store base, with few unprofitable locations, and is focused on reallocating space effectively to meet customer needs [54][56] Question: Consumer health level in guidance - The guidance reflects uncertainty in the macro environment and the time needed for necessary changes [100] Question: Initiatives prioritization and free cash flow modeling - Short-term tactical moves are prioritized, with expectations for gradual improvement in free cash flow as inventory management progresses [68][71]

Financial Data and Key Metrics Changes - Net sales declined by 9.4% in Q4 and 7.2% for the year, with comparable sales decreasing by 6.7% in Q4 and 6.5% for the year [24][30] - Gross margin in Q4 was 32.9%, an increase of 49 basis points, while for the full fiscal year 2024, gross margin increased by 50 basis points to 37.2% [30][31] - Adjusted net income for Q4 was $106 million, with adjusted earnings per diluted share at $0.95, while for the year, adjusted net income was $167 million and adjusted earnings per diluted share was $1.50 [33] Business Line Data and Key Metrics Changes - Sephora continued to be a strong sales driver with comparable beauty sales increasing by 13%, an acceleration from Q3 [27] - The accessories business, excluding Sephora, had flat comparable sales for the quarter, driven by strong performance in fashion and bridge jewelry [28] - The apparel business saw notable comparable sales improvement as proprietary brand inventory was rebuilt throughout the quarter [29] Market Data and Key Metrics Changes - Digital sales experienced a decline of 13.4% in Q4 and 8.7% for the year, primarily due to softness in the home category and online inventory suppression issues [26] - Store comparable sales declined by 3.1% in Q4 and were down 5.6% for the year, although store sales benefited from strong average transaction value [24][25] Company Strategy and Development Direction - The company aims to offer a curated, balanced assortment that fulfills needs across all customers, reestablish itself as a leader in value and quality, and enhance the omnichannel platform for a frictionless shopping experience [11][12][18] - The focus will be on proprietary brands that resonate with core loyal customers, while also introducing new products to drive productivity [15][16] - The company plans to simplify promotions and clarify value messaging to improve the shopping experience [17][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the turnaround will take time, with actions in 2025 marking the initial phase of improvement [11][22] - The macro environment presents challenges, particularly for customers with lower income levels, who are seeking value [60][61] - Management is optimistic about the company's potential, citing a strong foundation and a dedicated associate base focused on customer service [21][44] Other Important Information - The company announced the closure of 27 underperforming stores and one e-commerce fulfillment center, resulting in a one-time charge of $76 million [33] - Capital expenditures for 2025 are expected to be in the range of $400 million to $425 million, focusing on Sephora rollout and omnichannel enhancements [39] Q&A Session Summary Question: Assessment of merchandising strategy and confidence in returning to growth - Management sees significant opportunity in product offerings, value, and quality, with a loyal customer base that can be better served [42][43] Question: Implications for margins with quality elevation of private brands - The focus will be on balancing proprietary and national brands, with an emphasis on improving inventory allocation and promotional strategies [48][49] Question: Store base evaluation and merchandise assortment mix - The majority of stores are profitable, and management is focused on reallocating space effectively to enhance customer experience [54][55] Question: Consumer health level in guidance - The guidance reflects uncertainty in the macro environment and the time needed for necessary changes [100] Question: Initiatives prioritization and free cash flow modeling - Short-term tactical moves are prioritized, with longer-term strategies still in development [68][71]

Financial Data and Key Metrics Changes - Fourth quarter net sales were approximately $7.8 billion, down from $8.1 billion in the previous year, aligning with guidance [31] - Total enterprise comparable sales increased by 0.2%, marking the highest quarterly results since Q1 2022 [31] - Adjusted EPS for the fourth quarter was $1.8, exceeding guidance due to better-than-expected SG&A and credit card revenues [13][35] Business Line Data and Key Metrics Changes - Macy's net sales decreased by 5.3%, with comparable sales down 0.9% [32] - Bloomingdale's achieved a 6.5% increase in comparable sales, the strongest fourth quarter volume in its history [17] - Blue Mercury's net sales rose by 2.4%, with comparable sales increasing by 6.2% [32] Market Data and Key Metrics Changes - The first fifty Macy's locations saw a positive 1.2% comparable sales growth, while the remaining locations lagged behind [14] - The luxury segment, particularly Bloomingdale's, showed strong performance, indicating a robust demand in that market [17][18] Company Strategy and Development Direction - The "Bold New Chapter" strategy aims to return the company to sustainable profitable growth by focusing on customer needs and improving the store environment [7][8] - The company plans to close approximately 150 underperforming stores to concentrate resources on more productive locations [15][100] - Investments in digital improvements and marketing strategies are being prioritized to enhance customer experience [16][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic shifts made, despite acknowledging ongoing external uncertainties affecting consumer behavior [21][30] - The company anticipates a challenging environment in 2025, with guidance reflecting caution due to economic pressures [38][90] Other Important Information - The company generated $679 million in free cash flow, a 71% increase from the previous year, and returned $192 million to shareholders through dividends [11][36] - The company is committed to reducing capital expenditures while prioritizing investments that support long-term growth [21][43] Q&A Session Summary Question: Insights on 2025 and same-store sales constraints - Management highlighted progress in the first year of the strategy, with growth in the first fifty stores and closing of underperforming locations [47] Question: Drivers of SG&A rate pressure - Management indicated that SG&A pressures are being managed through reinvestment in customer experience and operational efficiencies [51] Question: Engaging various customer demographics - Management emphasized the strength of the Macy's portfolio and its ability to adapt to changing consumer needs across different demographics [58] Question: Overall consumer health and promotional levels - Management noted that consumer health remains under pressure but emphasized the importance of creating compelling offerings to drive sales [72] Question: Trends in go-forward comps and category dynamics - Management reported strong performance in ready-to-wear and beauty categories, while acknowledging challenges in the home segment [84]

Economic Indicators - The European Central Bank (ECB) lowered interest rates by 25 basis points, with the Deposit Facility now at +2.50%, signaling confidence in controlling inflation despite trade war concerns [2] - Initial Jobless Claims for last week were reported at +221K, lower than the anticipated +235K, indicating stability in the labor market [4] - Continuing Claims rose to 1.897 million, approaching the psychological level of +1.9 million, which may raise concerns about the robustness of the U.S. labor market [5] - Q4 Productivity was revised up to +1.5%, marking the ninth consecutive upward move, while Unit Labor Costs were revised down to +2.2%, indicating improved productivity and lower costs [6] - The U.S. Trade Deficit reached a record -$131.4 billion, significantly higher than the previous month's -$98.4 billion, influenced by anticipated trade tariff changes [7] Company Earnings - Earnings reports from Macy's, Burlington Stores, and Cracker Barrel exceeded expectations, while upcoming reports from Broadcom and Costco are anticipated [8]

Financial Data and Key Metrics Changes - Fourth quarter net sales were approximately $7.8 billion, down from $8.1 billion last year, in line with guidance [43] - Total enterprise comps increased by 0.2%, the highest quarterly results since Q1 2022 [43] - Adjusted EPS for the fourth quarter was $1.80, above guidance, primarily due to better-than-expected SG&A and credit card revenues [15][50] - Free cash flow grew by 71% to $679 million, including $283 million from asset monetization [12][51] - Year-end inventories increased by 2.5% year-over-year, with half of the increase attributed to the conversion to cost accounting [47] Business Line Data and Key Metrics Changes - Macy's net sales decreased by 5.3%, with comps down 0.9% [44] - Bloomingdale's achieved a positive 6.5% comp, the strongest fourth quarter volume in its history [22] - Bluemercury's net sales were up 2.4%, with comps rising 6.2% [44] - The First 50 locations at Macy's achieved a positive 1.2% comp, outperforming the rest of the fleet [16] Market Data and Key Metrics Changes - The luxury segment showed strong performance, with Bloomingdale's and Bluemercury continuing positive comp trends [21] - Macy's media network revenues increased by 7%, reflecting growth in advertisers and campaign counts [45] Company Strategy and Development Direction - The "Bold New Chapter" strategy focuses on improving store environments and enhancing the omnichannel customer experience [9][10] - The company plans to continue reducing CapEx while prioritizing investments that support growth and profitability [29] - The strategy includes closing underperforming stores to focus resources on go-forward locations [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic shifts made, while acknowledging the need for continued work [13] - The company is cautious about the external environment and consumer health, expecting pressure to continue in the near term [100][126] - The outlook for fiscal 2025 includes net sales of $21 billion to $21.4 billion, with comps expected to decline by 2% to 0.5% [55][56] Other Important Information - The company closed 64 non-go-forward Macy's stores ahead of the planned 50 closures, contributing to asset sale gains of $144 million [12][18] - The company is focused on enhancing its private brand offerings, with plans to address all home furnishing brands by mid-2025 [134] Q&A Session Summary Question: Areas of strength relative to same-store sales constraints - Management highlighted progress in the first year of the Bold New Chapter, including growth in the First 50 stores and closing underperforming locations [69][70] Question: Drivers of SG&A rate pressure - SG&A expenses were impacted by lower total revenue, but savings from store closures are being reinvested into customer experience initiatives [48][78] Question: Engaging various customer demographics - The company emphasized its multi-category business and strong partnerships, which allow for flexibility in navigating the uncertain environment [85][86] Question: Overall consumer health and promotional levels - Management noted that consumer health remains under pressure, with a focus on making offerings more compelling [99][103] Question: Trends in go-forward comps and category dynamics - The company observed strong performance in ready-to-wear and beauty categories, while the home business faced challenges [116][120] Question: Private label penetration and store closures - The company is working to rebuild its private label business and remains committed to closing approximately 150 stores by the end of fiscal 2026 [134][139]