When Macy’s Inc. (NYSE: M) released its fiscal second-quarter financial results before the markets opened on Wednesday, the company said that it had $0.59 in earnings per share (EPS) and $5.57 billion in revenue. The consensus estimates had called for $0.51 in EPS and revenue of $5.55 billion. The same period of last year reportedly had EPS of $0.37 on $5.55 billion in revenue.
During the latest quarter, the company reported that comparable sales were flat on a year-over-year basis. On an owned plus licensed basis, comparable sales were up 0.5% for the second quarter. Investors were none too pleased.
On the books, Macy’s cash and cash equivalents totaled $1.07 billion at the end of the quarter, up from $783 million in the same period of last year.
Looking ahead to the fiscal full year, the company expects to see EPS in the range of $3.95 to $4.15 and total sales growth of flat to up 0.7%. Consensus estimates are $3.87 in EPS and $24.9 billion in revenue for the year.
Jeff Gennette, Macy’s board chair and chief executive, commented:
Macy’s, Inc. delivered strong performance in the first half of the year, and we are pleased to report our third consecutive quarter of comparable sales growth. Macy’s, Bloomingdale’s and Bluemercury all performed well. It is encouraging to see the continued strengthening of our brick & mortar business where we saw trend improvements across the portfolio, led by our Growth50 stores. The combination of healthy stores, robust e-commerce and a great mobile experience is Macy’s recipe for success. We are focused on improving our customer journey every step of the way because we know that our customers expect a great experience whenever and wherever they engage with our brands. We also continue to be disciplined with inventory management, which allows us to give our customers more fashion and freshness, while increasing sales and improving gross margin.
Shares of Macy’s were last seen down about 14% at $36.02, with a consensus analyst price target of $35.46 and a 52-week range of $17.41 to $41.99.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.