Macy's, Inc. Reports Mixed Earnings Results, Cuts Guidance

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Macy's, Inc. Reports Mixed Earnings Results, Cuts Guidance
By Macy's Inc./ Fairlyoddparents1234 [Public domain], via Wikimedia Commons

Macy’s, Inc. (NYSE:M) released its latest earnings report before opening bell this morning, posting earnings of 61 cents per share, an improvement of 30%, on $6.2 billion in sales, a 1.3% decline year over year. Analysts had been looking for earnings of 50 cents per share on $6.34 billion in revenue for the third quarter. In the same quarter last year, Macy’s earned 47 cents per share on $6.28 billion in revenue.

Key metrics from Macy’s earnings report

Same store sales fell by .7% year over year, compared to Wall Street’s expectations of 1.3% growth. Comparable sales excluding licensed businesses fell 1.4% year over year. During the third quarter, Macy’s opened three new stores and closed two. The retail chain also consolidated three stores into one in the Torrance, Calif. market.