Macy’s Inc. (NYSE: M) released its fiscal fourth-quarter financial results before the markets opened on Tuesday. The retailer posted $2.73 in earnings per share (EPS) and $8.46 billion in revenue, which compare with consensus estimates that called for $2.53 in EPS on revenue of $8.45 billion. The same period of last year reportedly had EPS of $2.82 and $8.67 billion in revenue.
During the latest quarter, comparable sales for owned stores was 0.4% and for owned-plus-licensed stores was 0.7%. Comparable sales for owned-plus-licensed stores in the 53rd-week-shifted calendar totaled 2.0%.
Asset sale gains for the fourth quarter totaled $278 million pretax, or $204 million after-tax, and $0.65 per diluted share. This compares to the fourth quarter of 2017, when asset sale gains totaled $368 million pretax, or $230 million after-tax, and $0.75 per diluted share.
Looking ahead to the 2019 full year, the company expects to see EPS in the range of $3.05 to $3.25 and comparable sales of owned-plus-licensed stores flat to up 1%. Consensus estimates call for $3.30 in EPS and $24.94 billion in revenue for the year.
Jeff Gennette, Macy’s board chair and chief executive, commented:
Looking at the fourth quarter of 2018, while we delivered positive comparable sales against what was a strong holiday season in 2017, results were lower than our expectations. We experienced another quarter of double-digit growth in digital. We also saw continued improvement in our brick and mortar trends with the Growth50 stores outperforming the fleet.
Shares of Macy’s closed Monday at $24.36, in a 52-week range of $23.95 to $41.99. The stock has a consensus price target of $26.86. Following the announcement, the stock was up about 3% at $25.10 in early trading indications Tuesday.
24/7 Wall St.Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.