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Retail

Macy’s Sigh of Relief, But No More Monthly Guidance (M)

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By Douglas A. McIntyre Published
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Macy’s (NYSE: M) posted earnings of $1.73 EPS and revenues were $8.59 Billion versus $1.60 EPS and revenues of $8.62 Billion estimates from First Call.  Same store sales for the quarter were -2%.  As far as Fiscal Jan-2009, Macy’s sees $1.85 to $2.15 EPS versus $2.03 EPS estimates.

The company may have just irked some analysts now that the company has announced it will no longer issue issue monthly sales numbers and guidance.  Macy’s has repurchased roughly 13 million shares for some $318 million during the quarter, and it still has $850 million left in its current buyback program.

Macy’s is following the same trend as Nordstrom last night by rallying on earnings because of previously lowered guidance and the street has apparently decided it has discounted shares after large haircuts to the price of stock.

Jon C. Ogg
February 26, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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